U.S. Treasury Secretary Scott Bessent speaks to reporters at the White House on October 22, 2025 in Washington, DC.
Kevin Lamarque | Reuters
Treasury Secretary Scott Bessent acknowledged Monday that the list of candidates to replace Federal Reserve Chairman Jerome Powell has been narrowed to five, and President Donald Trump said a successor would likely be named by the end of the year.
According to multiple media outlets, Bessent told reporters on Air Force One that the finalists include current Fed members Christopher Waller and Michelle Bowman, National Economic Council member Kevin Hassett, former Fed director Kevin Warsh, and BlackRock executive Rick Rieder.
These names were reported by CNBC earlier this month.
Bessent, who was also rumored to be a front-runner, has interviewed and said he plans to conduct one more round of interviews before presenting Trump with a “good clean sheet” after the Thanksgiving holiday.
President Trump also told reporters on Air Force One on Monday that he plans to name a replacement by the end of the year. Powell’s term does not expire until May. After that, Mr. Powell will either have to step down from the Fed completely or continue his term as Fed governor until 2028.
The Federal Open Market Committee will meet this week and an interest rate decision is expected on Wednesday. Markets believe the committee will cut the benchmark overnight borrowing rate by a quarter of a percentage point, and it is almost certain that a similar cut will be made in September.
President Trump has appointed Waller, Bowman, and Stephen Millan, whose term ends in January, to the seven-member board. Milan was confirmed as chair of the Council of Economic Advisers in September, but is not scheduled to be reelected. He has been campaigning for the FOMC to adopt more aggressive monetary easing.
If Mr. Powell chooses to leave the Fed, Mr. Trump will appoint four people. Trump has so far tried unsuccessfully to remove Gov. Lisa Cook from the board. At the FOMC meeting, five regional presidents will take turns joining the governor as voters.
