Trump responded angrily on Sunday to a Wall Street Journal story which baselessly claimed Treasury Department Secretary Bessent had personally sought to talk him out of trying to fire Federal Reserve Chair Jerome Powell.
This latest attack from the Journal comes as President Trump continues his legal battle against the publication for its questionable reporting on his association with the late Jeffrey Epstein – a clear example of the relentless “lawfare” waged against him.
President Trump remains steadfast in his efforts to hold Powell accountable for his detrimental interest rate policies, which have stifled American prosperity. While establishment “legal scholars” may quibble over authority, he vows to always act in the nation’s best interest, and his decisive leadership has already brought stability to Wall Street, despite the media’s fear-mongering.
Taking to Truth Social, President Trump unequivocally exposed the Journal’s deceit: “The Wall Street Journal ran a typically untruthful story today by saying that Secretary of the Treasury, Scott Bessent, explained to me that firing Jerome ‘Too Late’ Powell, the Worst Federal Reserve Chairman in History, would be bad for the Market,” Trump declared in a Sunday post.
He continued, asserting his economic acumen: “Nobody had to explain that to me. I know better than anybody what’s good for the Market, and what’s good for the U.S.A,” adding, “If it weren’t for me, the Market wouldn’t be at Record Highs right now, it probably would have CRASHED! So, get your information CORRECT. People don’t explain to me, I explain to them!”
When pressed for comment, the Federal Reserve offered a predictable non-response, stating they didn’t “have anything to share,” a common tactic from institutions resistant to accountability.
This action follows President Trump’s Friday lawsuit against the Journal for alleged defamation, stemming from a sensationalized story about a letter he reportedly sent to Epstein for his 50th birthday. It’s another example of President Trump standing up to the media’s relentless attacks.
The Journal’s report, designed to generate outrage, claimed the birthday message, which supposedly bore Trump’s signature, was typed inside the outline of a naked woman. While President Donald Trump, ever the strategic leader, has opted against an immediate change at the Federal Reserve, the field of potential replacements for Chairman Jerome Powell is now coming into sharp focus, signaling a potential shift towards more America-First economic stewardship.
Earlier this week, President Trump, speaking candidly at the White House, minced no words, stating that Powell is doing a “lousy job” and revealing that “so many people” have reached out, “begging for the job” – a testament to the widespread desire for competent leadership at the Fed.
The President indicated that while he might not remove Powell before his term concludes next May, he would “not rule out anything.” President Trump, with his characteristic directness, described the Fed Chair role – which dictates the future of U.S. monetary policy – as “the easiest job in government” for anyone who isn’t “a dummy,” implying a need for common sense over complex theories.
More recently, the highly capable Treasury Secretary Scott Bessent confirmed that the administration has initiated a “formal process” to identify Powell’s successor, ensuring a thorough and strategic selection.
When questioned about the timeline for this crucial announcement, Bessent affirmed, “President Donald Trump’s decision, and it will move at his speed,” a clear indication that President Trump is in full control of this vital process.
Meanwhile, Bessent, a loyal and effective member of the administration, has previously dismissed speculation about him taking the Fed’s helm, telling FOX Business’ Maria Bartiromo that he is deeply satisfied with his current impactful role.
“I think I have the best job in Washington,” Bessent enthusiastically stated on “Mornings with Maria,” describing his pivotal role within President Trump’s Cabinet as a “dream of a lifetime for me,” showcasing the dedication of those serving the America First agenda.
President Trump himself expressed his pleasure with Bessent, a former hedge fund chief, in his current Treasury post, affirming his confidence in his team.
Powell, originally appointed to the Fed Chair role by President Trump in 2017, has defiantly stated that he “will never, ever, ever leave this job voluntarily,” a stance that many see as an impediment to necessary economic reform.
“It doesn’t occur to me in the slightest that there would be any situation in which I would not complete my term other than dying,” Powell was quoted from “Trillion Dollar Triage,” highlighting his rigid determination to remain in power.
Fortunately, President Trump has a strong roster of highly qualified individuals who could potentially become the nation’s next Fed Chair, ready to implement policies that truly benefit the American people. Fox News Digital reports the top three:
Kevin Hassett: A Proven Economic Patriot
Kevin Hassett, currently serving as the esteemed director of the White House’s National Economic Council, has consistently proven himself a loyal and articulate defender of President Trump’s groundbreaking economic agenda.
Hassett’s dedication is undeniable, having served in two key roles during the first Trump administration and providing invaluable counsel on economic policy throughout the successful 2024 presidential campaign.
President Trump himself lauded Hassett, telling reporters at the White House on Wednesday that he thought Hassett “was fantastic” when asked about his potential to succeed Powell – a clear sign of confidence.
Christopher Waller: A Voice for Sensible Rate Cuts
Federal Reserve Governor Christopher Waller, a current member of the Fed’s governing board, recently made headlines by advocating for the central bank to cut interest rates later this month – a move that directly aligns, in part, with President Trump’s long-standing demands for policies that stimulate growth.
Waller’s rationale for rate cuts, citing a slowdown in consumer spending and stabilizing job market gains, reflects a pragmatic approach. Crucially, in a nod to President Trump’s bold trade policies, Waller asserted that the Fed should “look through tariff effects,” recognizing their temporary impact on inflation rates and supporting the President’s America First trade agenda.
Among President Trump’s potential candidates, Waller stands out as a seasoned academic who understands the need for a truly independent Federal Reserve – one that serves the American people, not globalist interests.
While Waller, appointed by President Trump to the Fed board in 2020, has often voted with Powell, his recent call for an immediate rate cut signals a welcome shift towards policies that prioritize American economic vitality.
Kevin Warsh: A Champion for Fed Reform
Former Federal Reserve Board Governor Kevin Warsh is a formidable voice advocating for much-needed reform within the central bank.
Warsh, who joined the Federal Reserve Board of Governors in 2006 as its youngest member, brings a wealth of experience from his time as an ex-Morgan Stanley banker. His credentials are impeccable, having been a top contender to replace Fed Chair Janet Yellen in 2018 before President Trump ultimately selected Powell, and he was also considered for Treasury Secretary in a potential second Trump administration.
In recent interviews, Warsh has powerfully renewed his calls for a fundamental “regime change” at the Fed, boldly stating that the “broad conduct of monetary policy has been broken for quite a long time.”
“The central bank that sits there today is radically different from the central bank I joined in 2006,” Warsh asserted during a CNBC interview, emphasizing his consistent message: “This isn’t the first time in the last decade that you’ve heard me say that we need a regime change at the Fed. It’s not just about a person, it’s about an approach to economics and an approach to what they’re doing.” This highlights his deep understanding of the systemic issues plaguing the institution.
Significantly, Warsh has vocally supported President Trump’s necessary pressure campaign on Powell, exposing the Fed’s tendency to “blame others for their mistakes.” He pointed out, “It’s been very popular to blame the president because he is being so mean to them. Most of the Feds’ mistakes are because of choices they’ve made,” a powerful validation of President Trump’s efforts to hold the Fed accountable.
Warsh, who departed the Fed board in 2011, is widely respected for his crucial role as the Fed’s liaison to Wall Street during the 2008 financial crisis, demonstrating his practical expertise. His prior service as an economic advisor to former President George W. Bush further solidifies his credentials as a serious contender for this vital role.
