Kevin Hassett, director of the National Economic Council, has hinted that he might be in line to succeed Federal Reserve Chair Jerome Powell should the US President Donald Trump decide on his possible candidature for the role.
In an interview on NBC’s Meet the Press, Hassett was asked directly whether he’d accept the top job at the Fed. “We’ll have to see if he chooses me,” he said, according to The Hill. “But I think that I have the best job in the world, and I’m really well placed at the National Economic Council.”
Hassett confirmed that Trump and Treasury Secretary Scott Bessent are actively reviewing candidates to potentially replace Powell, whose term ends next May. “He has set up an active search… and I’m sure the president will pick the best available person,” Hassett reportedly said.
What’s the Trump-Powell Clash About?
Trump’s public frustration with Powell has grown increasingly sharp. On Friday, the US president posted on Truth Social calling Powell “stubborn” and demanded that the Federal Reserve’s board of governors “assume control” of monetary policy if Powell doesn’t “substantially” cut interest rates.
This marks a significant escalation in Trump’s criticism of the Fed chair, who he has long considered firing. Though the Fed is meant to operate independently, Trump’s repeated attacks, experts say, have seemingly intensified concerns about political pressure on central banking.
Transparency Lacking at the Fed, Hassett Suggests
When asked if the Fed chair should follow the White House’s lead or respond to broader economic signals, Hassett reportedly said, “A Fed chair should listen to all the voices, especially their critics” while adding that Powell hasn’t done enough to explain his positions publicly. “Jay has fallen down a little bit” on transparency, Hassett argued, especially regarding tariffs and inflation projections.
“If you are going to come out and say… tariffs are going to cause inflation, then… you should put out a model that explains how much and why,” The Hill quoted him as saying.
Governors Push Back on Trump
Despite the US President’s aggressive push, two Fed governors — Christopher Waller and Michelle Bowman — both said last week that they see Trump’s tariffs having only a short-term impact. They dissented in Wednesday’s Fed meeting, calling for modest rate cuts rather than the sweeping changes Trump wants.
ALSO READ: The Domino Effect of Trump’s Tariffs: Reshaping Domestic Industries and Redrawing Global Trade Maps
