President Donald Trump and Federal Reserve Chair Jerome Powell speak during a tour of the Federal Reserve Board building, which was undergoing renovations, in Washington, DC, on, July 24, 2025. Kent Nishimura/Reuters

President Donald Trump faces an important decision in the coming months when he picks the next chairman of the Federal Reserve.

Trump has loudly regretted his previous pick, Jerome Powell, who was renominated as board chairman by President Joe Biden, and whose term as chairman ends May 15.

It is a Federal Reserve committee that votes to raise or lower key interest rates, which influences lending for every person and business in the country.

The Fed, as it’s known, is supposed to be an independent agency; governors are nominated by president and confirmed by the Senate, b

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