Trump hopes to get lower rates by replacing Fed Chair Jerome Powell with someone who would do what the president wants. But Powell’s term as chair does not end until May 2026. He’s insisted he won’t resign early. Even if Powell did resign, a new chair would only have one of 12 votes on the Fed board that sets the direction of U.S. interest rates.

President Trump's search for a successor to Jerome Powell at the Federal Reserve is getting louder as candidates compete to criticize the central bank publicly and more options for how to fill that seat emerge.