Former President Donald Trump is ramping up efforts to replace Federal Reserve Chair Jerome Powell with someone who aligns more closely with his economic priorities, as tensions grow over monetary policy and interest rate decisions.

Trump has been openly critical of Powell, accusing him of failing to reduce interest rates quickly enough—a decision Trump claims has cost the U.S. economy “hundreds of billions of dollars.” With Powell’s term set to expire in May 2026, Trump has confirmed he is reviewing several potential candidates to lead the nation’s central bank.

Among the frontrunners is Treasury Secretary Scott Bessent, who has played a key role in shaping Trump’s economic policies and recently represented the U.S. in high-stakes trade discussions with China. While Bessent has publicly expressed contentment with his current role, he hasn’t ruled out a move to the Fed, stating he would serve wherever the president believes he is most effective.

Another strong contender is Kevin Hassett, currently the director of the National Economic Council. A vocal supporter of Trump’s economic strategy, Hassett played a central role in shaping tax reform and trade policy during Trump’s first term. His experience and loyalty make him a serious candidate for the top Fed position.

Also on the radar is Federal Reserve Vice Chair Michelle Bowman, who has recently diverged from Powell on rate policy, advocating for cuts more in line with Trump’s stance. Bowman’s focus on regulatory reform and reducing inefficiencies aligns with Trump’s objectives, and her promotion would mark a historic appointment as only the second woman to lead the central bank.

Kevin Warsh, a former Federal Reserve Board governor and a key figure during the 2008 financial crisis, is also under consideration. Though previously passed over in favor of Powell in 2018, Warsh’s close ties to Wall Street and past advisory role in the George W. Bush administration bolster his credibility.

Finally, Christopher Waller, who was appointed to the Fed Board by Trump in 2020, remains a possible choice. Known for his academic background and nuanced approach to monetary policy, Waller has shown openness to rate cuts, though he has largely supported Powell’s leadership and emphasized the importance of Fed independence.