Treasury Secretary Scott Bessent said on Monday that he plans to present the short list of finalists for the Federal Reserve chairman to President Donald Trump in the coming weeks.
“We’re going to do a second round, and we hope to present a good slate to the president right after Thanksgiving. It’ll ultimately be his choice,” Bessent told reporters on Air Force One while accompanying Trump to Asia for a slate of diplomatic meetings on finalizing trade deals this week.
The Trump administration is looking to replace Jerome Powell in the central bank’s top post. Powell’s term expires in May 2026. Powell previously feuded with Trump over the latter’s demand to cut interest rates significantly.
WHO’S ON TRUMP’S SHORTLIST TO REPLACE JEROME POWELL AS FED CHAIRMAN
The White House wants a chairman who is more aligned with the president and his economic agenda.
The candidate pool has been narrowed down to five people, Bessent confirmed. Fed governors Christopher Waller and Michelle Bowman, former Fed governor Kevin Warsh, White House National Economic Council Director Kevin Hassett, and BlackRock executive Rick Rieder are currently in the running for Fed chairman.
Trump said he is thinking of making a decision on his preferred nominee by the end of the year.
“We have a person who is not at all smart right now,” he told reporters, referencing Powell and his opposition to lowering interest rates.
Trump added he’s thought about Bessent, Secretary of State Marco Rubio, or Trade Representative Jamieson Greer leading the Fed, although the president said he doesn’t expect Bessent to leave his current post. Rubio would be an unlikely candidate, considering he’s serving in multiple roles while leading the State Department. Meanwhile, Greer could be a possible contender.
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It remains to be seen whether any of the three administration officials will be presented as finalists in the search for Fed chairman.
Trump also mentioned Stephen Miller, one of his deputy chiefs of staff, as a possible contender, noting “a lot” of people want the job. Miller has primarily focused on immigration policy and national security.
