Trump’s Fed Chair Drama: Bessent Out, Who’s In? 🤷‍♂️😂

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Amidst the swirling mists of Washington, President Trump, ever the master of dramatic pauses, has finally spoken on the future of the Federal Reserve. In a recent interview with CNBC, he revealed that Treasury Secretary Scott Bessent will not be the next Fed Chair. “I love Scott, but he wants to stay where he is,” Trump declared, with all the solemnity of a man announcing the end of the world. 🌍💥

But fear not, dear readers, for change is afoot, and it’s coming fast. Here’s what you need to know, before the next tweet storm hits. ⚡📱

Fed Governor Kugler to Exit Early

In a move that could only be described as unexpected, Fed Governor Adriana Kugler is stepping down this Friday, a full five years before her term was set to end in January 2026. Kugler, who joined the Fed in September 2023, has decided to return to her cozy academic nest at Georgetown University this fall. 🎓📚

JUST IN: President Trump announces he will NOT be selecting Scott Bessent as Fed Chair

“I love Scott, but he wants to stay where he is. I will I’ll take him off the because I asked him just last night, ‘is this something you want?’ ‘No, I want to stay where I am.’ He actually…

– Nick Sortor (@nicksortor) August 5, 2025

Kugler’s early departure opens the door for Trump to appoint a short-term replacement, giving him a golden opportunity to shape the future of the Fed and, perhaps, to find a more compliant successor to Jerome Powell. 🕵️‍♂️🔍

Trump, never one to shy away from a bit of self-promotion, noted that there are numerous people qualified to replace Kugler. “A lot of people say, when you do that, why don’t you just pick the person who is going to head up the Fed? That’s a possibility too,” he mused, as if the fate of the economy rested on his morning coffee. ☕💡

And yet, despite the speculation, Treasury Secretary Scott Bessent is not among those in the running. “Well, I love Scott, but he wants to stay where he is,” Trump reiterated, with a shrug that could have been mistaken for indifference. 😐🤷‍♂️

This revelation came as a shock to many, who had assumed Bessent would be a front-runner for the position. But in the world of politics, assumptions are often as reliable as a politician’s promise. 🤷‍♂️🚫

Who Could Be the Next Fed Chair?

Trump, ever the tease, confirmed that he is considering four potential candidates. Among the top contenders are Kevin Hassett and Kevin Warsh, both of whom he described as “very good” options. Reports suggest that Fed Governor Christopher Waller is also in the mix, though his cautious approach to rate cuts may not sit well with Trump’s more aggressive economic policies. 📈📉

The President has been vocal about his dissatisfaction with Jerome Powell, particularly over the Fed Chair’s reluctance to cut interest rates. Trump has repeatedly pushed for a 3 percentage point reduction, a move that Powell has steadfastly resisted. While Powell’s term officially ends in 2026, he can remain on the board until 2028. However, the White House is hopeful that Powell might see the light and resign sooner rather than later. 🙏✨

So, Will Trump Fire Powell?

Despite his public musings, Trump does not have the authority to fire Powell over mere policy disagreements. According to Section 10 of the Federal Reserve Act, a president can only remove a Fed Board member, including the Chair, “for cause,” which typically means serious misconduct, neglect of duty, or inefficiency. Disagreeing with interest rate policy simply doesn’t cut it. 📜🚫

After facing backlash from Wall Street leaders like JPMorgan CEO Jamie Dimon, Trump has softened his stance, stating that he will not remove Powell before his term ends. It seems that even the most powerful man in the world knows when to back down from a losing battle. 🤔💔

Meanwhile, Bessent, though not in the running for the Fed Chair, remains a key player in the drama. He is leading the search for Powell’s replacement and continues to handle critical trade negotiations on the global stage. 🌐🤝

As he eyes a new Fed chair and tightens trade policy, Trump is signaling big changes ahead. Stay tuned to Coinpedia as we keep you updated on this unfolding saga. 📺📰

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2025-08-05 18:09