Treasury Secretary Scott Bessent has wrapped up interviews this week for the top spot at the Federal Reserve.
Bessent, who has been interviewing candidates since Labor Day, has previously said that he wants to “see people who are forward-looking, not backward-looking on regulation,” get the Fed chair job.
The shortlist of five candidates will now head to President Donald Trump‘s desk for review and selection.
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Federal Reserve Chairman Jerome Powell, appointed by Trump in 2017, is slated to complete his term in May 2026.
On Monday, Federal Reserve Governor Christopher Waller said he recently met with Bessent to discuss the job and the nation’s economic outlook.
“I talked to Scott about 10 days ago, and we had a great meeting,” Waller told FOX Business Network’s Edward Lawrence on Monday. Waller added that the conversation was “straight about economics” and that his discussions with the administration have “never been political.”
Of Trump’s potential candidates to succeed Powell, Waller is considered the veteran academic of the group.
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Waller has repeatedly called for rate cuts, a move that aligns, in part, with Trump’s demands. He has also reiterated the importance of maintaining an independent Federal Reserve.
Kevin Hassett, Trump’s top economic advisor, is also in the running to helm the world’s most powerful central bank.
Hassett has been a loyal defender of Trump’s economic agenda and currently serves as the director of the White House’s National Economic Council. Hassett held two roles during the first Trump administration and advised Trump on economic policy during the 2024 presidential campaign.
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Kevin Warsh, Hassett’s contender with deep economic credentials, joined the Federal Reserve Board of Governors in 2006. At the time, the ex-Morgan Stanley banker was the youngest person to serve on the board.
He was among the leading candidates to replace Federal Reserve Chair Janet Yellen in 2018 before Trump ultimately appointed Powell to the role.
More recently, Warsh was considered a top pick for Treasury secretary in Trump’s second administration before former hedge fund chief Bessent was nominated.
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Bessent told CNBC on Tuesday that he expects Trump to have reached a decision on the next Fed chair by Christmas.
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