US President Donald Trump has narrowed his list of potential Federal Reserve chairs to four candidates, excluding Treasury Secretary Scott Bessent.
Bessent had taken himself out of contention after being asked if he wanted the job, with Trump stating that he wants to stay in his current position and work with him.
Among the remaining contenders are former Governor Kevin Warsh and Kevin Hassett, a National Economic Council director who has advocated for lower interest rates. Fed Governor Adriana Kugler’s surprise resignation this week has created an opportunity for one of Trump’s appointees to join the Fed Board of Governors.
Kugler’s departure is seen as a chance for the White House to push for lower interest rates, which would be beneficial to the administration’s economic agenda.
Current Chair Jerome Powell’s term ends in May 2026 and has been subject to criticism from Trump, who may consider naming a “shadow chair” to help undermine Powell until his term expires.
The Fed last week held its benchmark interest rate steady, with markets expecting a cut in September.
Source: https://www.cnbc.com/2025/08/05/trump-says-treasury-secretary-bessent-does-not-want-to-be-fed-chair-but-4-others-in-running.html