US Treasury Secretary Scott Bessent has announced plans to present President Donald Trump with a list of candidates for the next chairman of the Federal Reserve in December. Bessent stated the list, narrowed from 11 candidates he interviewed, would be delivered sometime after Thanksgiving. This timeline sets the stage for Trump to begin interviews with potential nominees before the end of the year.
Bessent indicated that the initial pool of 11 candidates has been reduced to five individuals. While not officially confirmed by the Treasury Secretary, CNBC has reported the potential candidates include current Fed Vice Chair for Supervision Michelle Bowman, Fed Governor Christopher Waller, National Economic Council Director Kevin Hassett, former Fed Governor Kevin Warsh, and BlackRock executive Rick Rieder. These individuals represent a range of experience within the financial and economic sectors.
Regarding the selection process, Bessent noted that the President would seek input from numerous advisors before making a final decision. He also reiterated that he is not among those being considered for the position. The Treasury Secretary is responsible for leading the search to identify the next person to serve as Fed chairman.
The appointment will fill the role currently held by Jerome Powell, whose term as head of the central bank expires in May 2026. The Federal Reserve is responsible for setting monetary policy and regulating banks in the United States, so the selection of its next chair is a crucial decision.
