President Donald Trump is ramping up pressure on Jerome Powell, issuing a call for lower interest rates against the Federal Reserve chair's continued opposition and calling out the failure of the Fed's monetary policy.
"Jerome 'Too Late' Powell, and his entire Board, should be ashamed of themselves for allowing this to happen to the United States," Trump wrote in a Truth Social post Monday.
"They have one of the easiest, yet most prestigious, jobs in America, and they have failed — and continue to do so.
"If they were doing their job properly, our country would be saving trillions of dollars in interest cost.
"The board just sits there and watches, so they are equally to blame. We should be paying 1% interest, or better!"
That post preceded Trump signing a letter to Powell urging him to lower interest rates, White House press secretary Karoline Leavitt told reporters Monday.
Leavitt, at the daily press briefing, displayed a copy of Trump's handwritten notes to Powell on a piece of paper showing the interest rates charged by more than two dozen countries.
While Trump has been adamant he will not fire Powell — the Fed chair he appointed in his first administration, one that he mocks former Treasury Secretary Steven Mnuchin for having recommended — there has been talk Trump might ramp up pressure on Powell by nominating his successor early, as soon as September.
This administration's Treasury Secretary Scott Bessent acknowledged Monday it will just be a matter of time.
"There's a seat opening up, a 14-year seat opening up in January," Bessent told Bloomberg TV. "So we've given thought to the idea that perhaps that person would go on to become the chair when Jay Powell leaves in May, or we could appoint the new chair in May.
"Unfortunately, that's just a two-year seat."
Gov. Adriana Kugler's term on the board expires Jan. 31, providing an option for Trump to name a governor for a full 14-year term who could later be promoted to chair. Powell's term as chair ends in late May, while his seat on the board extends to Jan. 31, 2028.
Powell is not required to leave the Fed after his term as its leader lapses, but by custom most past Fed chairs have opted to leave.
The board seats held by Kugler and Powell are the only two scheduled to expire during Trump's term.
Bessent, in responding to a question whether it would cause confusion to appoint someone in January with a thought of that person ascending to chair later, appeared to confirm that at least one current board member is in the running for the job.
"Obviously there are people who are currently at the Fed who are under consideration" he said. "So why would there be confusion if you add another candidate in January?"
Gov. Christopher Waller, appointed by Trump during the president's first term, is reported to be among those Trump is considering for the job. Waller recently has said he would like to resume interest rate cuts as soon as the Fed's next meeting in late July. Others said to be in the running include Bessent, Trump economic adviser Kevin Hassett and former Fed Gov. Kevin Warsh.
Trump said Friday he would not give the job to anyone who does not align with his demands for the Fed to cut rates.
Information from Reuters was used to compile this report.
Eric Mack ✉
Eric Mack has been a writer and editor at Newsmax since 2016. He is a 1998 Syracuse University journalism graduate and a New York Press Association award-winning writer.
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