Powell Opposes Proposal For Shadow Fed Chair

According to Odaily, Jerome Powell, the current Chair of the Federal Reserve, has expressed opposition to a proposal suggesting the appointment of a successor before the end of his term. This idea was put forward by Besant, who was nominated by former President Donald Trump for the position of Treasury Secretary. Besant's proposal, published in Barron's, suggests that Trump should publicly announce Powell's successor immediately upon taking office, effectively creating a 'shadow Fed Chair.' Powell addressed this proposal on Wednesday, stating, "I believe this is not even on the table for discussion." He emphasized the importance of maintaining the established institutional relationships between the Federal Reserve and each administration. Powell expressed confidence in the ability to uphold these relationships, indicating that any premature appointment of a successor would disrupt the current system. Powell's term as the Federal Reserve Chair is set to conclude in early 2026.