As President Trump continues to voice his displeasure with current Fed interest rate policy, there are reports that he may announce his choice to replace Chair Powell well before his term as Chair of the Fed ends on 15 May 2026 (CNBC, Newsweek, Federal Reserve - Press Release 23 May 2022). A formal nomination received by the Senate is not required, but it would count. A social media post by the president alone must be corroborated by credible, open-source reporting to count. In the event the president purports to terminate Powell as Chair of the Fed, only the naming of his choice to be the next Chair who will either require Senate confirmation or be a recess appointment will count (as opposed to the president merely mentioning who would act as Chair by virtue of the rules of the Federal Reserve).

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