Trump considers four finalists for new Fed chair, rules out Scott Bessent
WASHINGTON – President Donald Trump said he has four finalists in mind to replace Fed Chair Jerome Powell, but he ruled out Treasury Secretary Scott Bessent as a possibility.
Trump, in an Aug. 5 appearance on CNBC's Squawk Box, confirmed he is considering Kevin Warsh, a former member of the Federal Reserve Board of Governors, and Kevin Hassett, his director of the National Economic Council, for the role.
"I think Kevin and Kevin, both Kevins, are very good, and there are some other people that are very good," Trump said. "The two Kevins are doing very well, and I have two other people who are doing very well. In the end, there are numerous people who are very qualified."
"It will be one of four people," Trump said, adding that he won't be making a final decision soon.
Trump did not reveal the names of the two other contenders but crossed off Bessent as a potential replacement for Powell, whose term as chairman ends in May 2026.
"I love Scott, but he wants to stay where he is," Trump said. I'll take him off the (list) because I asked him just last night, 'Is this something you want?' 'Nope, I want to stay where I am,'" Trump said.
Trump has for months complained about the Federal Reserve keeping interest rates steady and ignoring his calls to lower the rates. Despite repeatedly warning he might fire Powell, however, Trump has held off on doing so. Trump has emphasized that the end of Powell's term presents an opportunity to choose his replacement.
Although Powell's term as chairman ends in 2026, his term as a member of the Fed's board runs through the end of 2028.
On Aug. 1, another member of the seven-person Federal Reserve's Board of Governors, Adriana Kugler, announced she is stepping down from the board, giving Trump another opportunity to appoint someone he considers more willing to cut rates to his liking. Kugler, appointed by former President Joe Biden, joined the seven-member board in 2023 and was set to serve through January 2026.
"Don't forget, we have somebody that left early, which was a pleasant surprise," Trump said. "I'm going to be announcing that very shortly, too."
Reach Joey Garrison on X @joeygarrison.