"President Donald Trump is nearing an announcement on who should lead the Federal Reserve once Jerome Powell's term ends in May, according to Treasury Secretary Scott Bessent, and speculation is growing that he could do it during his Davos address on Wednesday. Although Trump has claimed for weeks that he already knows his pick, he has appeared to relish turning what is typically a staid confirmation process into a political spectacle-what some analysts have likened to a "Celebrity Apprentice"-style reveal."
"The search process has been upended by a Department of Justice investigation into Chair Powell centered on renovations at the Federal Reserve's headquarters. Powell has publicly decried the investigation as a " pretext " for political intimidation, a sentiment echoed by a bipartisan coalition of former Fed chairs and sitting GOP Senators. Senator Thom Tillis of North Carolina has already signaled a potential blockade, vowing to oppose any nominee until the DOJ investigation is fully resolved. This move could prevent Trump's pick from even reaching a floor vote, at least in the foreseeable future."
At the World Economic Forum in Davos, attention centers on who will become the next chair of the U.S. Federal Reserve and under what circumstances. President Donald Trump is close to announcing his choice before Jerome Powell's term ends in May, with speculation he could reveal it during his Davos speech. The selection process has become politicized as the Justice Department investigates Powell over Fed headquarters renovations, prompting Powell and others to call the probe a pretext for political intimidation. Senator Thom Tillis has vowed to block any nominee until the investigation concludes. Kevin Hassett had been seen as a leading candidate.
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