Key Points
- President Trump has narrowed his list for the next Fed Chair to four candidates.
- Treasury Secretary Scott Bessent is no longer being considered for the job.
- The announcement could come “soon” as another Fed board seat is opening up this week.
- All three named candidates have recently advocated for cutting interest rates.
President Trump revealed Tuesday that he has narrowed his list of potential nominees to replace Federal Reserve Chair Jerome Powell down to four people. In an interview, he also confirmed that Treasury Secretary Scott Bessent is no longer in the running.
Trump mentioned that “the two Kevins are doing well,” referring to former Fed governor Kevin Warsh and his current economic adviser, Kevin Hassett. He also confirmed that a third candidate, current Fed governor Chris Waller, is in the mix. He hinted that a fourth, unnamed person is also being considered.
The President said he might announce his decision “soon.” The news comes as Fed Governor Adriana Kugler is set to leave her post this week, opening up another spot on the Fed’s board for Trump to fill.
Warsh is a familiar face, having served as a Fed governor during the 2008 financial crisis. He was also a finalist for the job eight years ago before Trump ultimately chose Powell. More recently, Warsh has been a vocal critic of the Fed, calling for “regime change” at the central bank.
Hassett, who already works closely with Trump, has also been pushing for the Fed to cut interest rates now, echoing the President’s own repeated demands.
Waller, the third named candidate, has already shown he’s aligned with the President’s thinking. He was one of two Fed governors who voted to cut interest rates at the last policy meeting, dissenting from the majority decision to keep them unchanged.
Powell’s term as chair ends next May, but his term as a governor runs until 2028. The White House hopes he will leave the board entirely, opening up yet another seat for Trump to fill.
