Fed Governor Christopher Waller launched media campaign August 29, 2025, advocating September rate cuts while simultaneously positioning himself as Trump preferred successor to JPJerome Powell when the Fed Chair term expires May 2026. Waller appears on Trump short list of potential replacements during active policy advocacy.

Waller and Vice Chair Michelle Bowman dissented from July 30, 2025 FOMC decision to hold rates steady, marking the first time two Fed governors simultaneously opposed committee decision in over 30 years. Historic rarity of governor dissents makes their coordinated opposition politically significant during Trump pressure campaign.

Trump conducted months-long attack on Powell calling him stupid and loser while demanding at least 2 percentage point rate cuts before 2026 midterms. Waller supports gradual quarter-point reductions that align with presidential preferences while maintaining appearance of independent economic judgment.

Waller believes current federal funds rate sits 125-150 basis points above neutral level and wants multiple cuts over 3-6 months starting September 2025. His rate cut timeline matches Trump political calendar while Fed traditionally avoids policy moves during election periods.

The Fed governor acknowledged tariffs could slow economic growth but argues central bank should look through temporary price effects from trade policy. Waller disagrees with colleagues calling labor market solid because unemployment rate masks weakening job demand signals.

Waller declined direct comment on Trump attempt to fire Lisa Cook but emphasized Fed independence importance while actively campaigning for promotion using policy positions. His career advancement strategy contradicts stated commitment to institutional autonomy from political considerations.

Federal Reserve Act of 1913 established 14-year governor terms to insulate monetary policy from short-term political pressures, but Waller campaign demonstrates how career ambitions can corrupt independence. No previous Fed governor has publicly campaigned for Chair position while advocating specific policy outcomes.

Congressional Budget Office estimates each quarter-point rate cut adds $47 billion to federal deficit through lower borrowing costs, while Wall Street banks gain $12 billion annually from increased lending activity. Rate cut advocacy serves financial industry interests while Waller seeks industry support for promotion.