President Donald Trump has narrowed his list of potential Federal Reserve chair candidates to four, excluding Treasury Secretary Scott Bessent. The president cited two other individuals for consideration alongside Kevin Hassett and Kevin Warsh.
Hassett, the director of the National Economic Council, has been a key ally of the administration. Warsh, a former Fed governor, has also expressed support for cutting interest rates, aligning with Trump’s goals.
The news comes as Trump continues to criticize Jerome Powell, whose term ends in May 2026. Despite recent pressure from the White House, Trump has stated he is unlikely to fire Powell.
A Supreme Court ruling has limited Trump’s ability to dismiss Powell without cause, but the president remains open to naming a new Fed governor soon. This could potentially pave the way for Warsh or Hassett to succeed Powell.
Trump plans to make his decision on a new Fed chair “soon” and will consider whether to nominate someone to permanently join the board of governors or simply fill out Kugler’s remaining term.
Source: https://apnews.com/article/trump-federal-reserve-powell-successor-d7a0739a1f870e6b200036b66d9d3d1a