This comes amid swirling reports about the potential replacement of current Fed Chairman Jerome Powell. Among the names floated as possible successors are Trump’s top economic adviser Kevin Hassett and former Fed Governor Kevin Warsh.
According to the Daily Caller, the conversation around Powell's future intensified following a call for the Department of Justice (DOJ) to investigate him for alleged perjury. This prompted Fox’s Laura Ingraham to question Fishback on whether the criticism directed at Powell has had any impact.
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Fishback responded affirmatively, noting, “I think it has because what the President has a unique opportunity of doing on top of building this incredible economy that works for everyone is he can actually appoint a Fed chair a lot sooner than everyone expects.”
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He elaborated on the influence of market expectations, emphasizing that an early appointment could shift market focus from Powell to the new appointee.
The scrutiny on Powell escalated when Republican Florida Rep. Anna Paulina Luna announced on X her intention to refer Powell to the DOJ for an investigation into alleged perjury concerning the Federal Reserve’s $2 billion headquarters renovation project. This initiative follows earlier calls for an investigation, notably from Federal Housing Finance Agency Director Bill Pulte. President Trump himself has weighed in, using Truth Social to demand Powell’s immediate resignation, particularly after the controversy surrounding the $2.5 billion project.
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Fishback further criticized Powell, stating, “This is the same Jerome Powell that cut rates by 50 points right before the election in a desperate attempt to Kamala Harris to help her. Of course, it didn’t work. President Trump won a historic landslide. But now he refuses to raise rates even though inflation is lower today than it was then.” This remark underscores the growing tension between Powell and President Trump, especially as the central bank has yet to heed Trump’s calls for lower interest rates despite declining inflation.
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The friction is compounded by Powell’s concerns over the uncertainty stemming from Trump’s reciprocal tariffs against several countries. Powell had previously indicated that the central bank might have reduced rates if not for these tariffs.
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Fishback advised, “So the President is using his First Amendment rights. He’s calling out the Fed chair for being intransigent, for being too late. But my recommendation to the President would be to appoint a Fed chair far earlier than anyone expects so ‘Too Late’s’ voice can be totally nullified,” referencing a nickname Trump has used for Powell.
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In response to the mounting pressure, Powell has sought a review of the renovation project, requesting Fed Inspector General Michael Horowitz to examine the costs and any other pertinent issues, as reported by Axios. This move signals Powell's attempt to address the concerns raised and potentially mitigate the criticism directed at his leadership.
