The race to succeed Jay Powell as Federal Reserve chair is now playing out in public. Recently, President Trump voiced dissatisfaction with how the central bank operates. His criticisms have prompted potential candidates to discuss the Fed’s future direction.
Two key figures have emerged as frontrunners. Both men have addressed the Fed’s mission, its independence, and the increasing influence of politics on the central bank. These comments have grown more frequent after Trump’s intensified criticisms in mid-April.
Kevin Warsh, former Fed governor, is seen by many as a likely candidate when Powell’s term ends in May 2026. Warsh shared his strong opinions about the Fed’s operations. In an April 25, 2025 speech in Washington, D.C., he said the central bank had strayed from its mission. He described the Fed’s current issues as “largely self-inflicted.” He also called for a “strategic reset” to restore the Fed’s credibility and standing.
Warsh emphasized the importance of Fed independence. He argued that the central bank must make decisions free from political interference. “I strongly believe in the operational independence of monetary policy,” he stated. However, he also noted that people often use the term “independence” too reflexively when the Fed faces criticism.
The Wall Street Journal later published excerpts from Warsh’s remarks under the headline “The High Cost of the Fed’s Mission Creep.”
Chris Waller, a current Fed governor, has also emerged as a potential candidate to replace Powell. In a recent April 24 interview, Waller responded to Trump’s attacks. He made it clear that criticism comes with the job. “If you don’t like to be criticized, don’t take the job,” he told Bloomberg. He also stressed that the next Fed chair must preserve the tradition of central bank independence. “Whoever the next chair is, it’s critical that they make policy in a nonpolitical way,” Waller added.
The race to succeed Jay Powell continues to intensify as these two figures, among others, defend the central bank’s integrity. Their statements indicate that the new Fed chair will need to uphold its independence despite growing political pressure.
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