Bessent Names the Trump Admin’s Five Finalists to Replace Powell as Fed Chair

Treasury Secretary Scott Bessent told reporters on Monday that the Trump administration has narrowed its list of candidates to replace Jerome Powell as federal reserve chair to five finalists.

Bessent, speaking aboard Air Force One, said he’s planning to conduct a second round of interviews in the next month and hopes to present a “good slate” to President Donald Trump after Thanksgiving.

The final candidate pool includes Christopher Waller, Kevin Warsh, Kevin Hassett, Michelle Bowman and Rick Rieder.

Waller, 66, is a current Fed governor appointed by Trump in 2020, confirmed by the Senate to serve a term through January 2030. Waller has previously supported opening the Fed to cryptocurrency-adjacent, decentralized-finance companies, an area Trump has shown a keen interest in this term.

Warsh, 55, is a former Federal Reserve board member, having served on the body from 2006 to 2011 under George W. Bush and Barack Obama. He was considered by Trump for the Fed chair role during his first term.

Hassett, 63, has the closest relationship with Trump out of the candidates, having served in both Trump administrations. During Biden’s term, he worked for the private equity firm run by Trump’s son-in-law, Jared Kushner. During Trump’s first term, Hassett chaired the White House Council of Economic Advisers and was appointed this year as Trump’s director of the National Economic Council.

Bowman, 54, is the current vice chair of the Federal Reserve. First appointed by Trump in 2018, Bowman earned a reputation for being the Fed board’s sole vote for lowering interest rates in recent years.

Rieder is the only candidate not currently or formerly associated with the Fed. He served as a managing director of investment company BlackRock and is best known as a financial commentator for CNBC and other financial publications.

The Federal Reserve, mandated to promote maximum employment and stable prices, is currently led by Powell, who has faced criticism this year from Trump for his resistance to cutting the country’s benchmark interest rate.

Trump said he expects to make a decision on the nominee to replace Powell before the end of the year.

“We have a person who is not at all smart right now,” Trump told reporters.