The names on Treasury Secretary Scott Bessent’s radar to lead the world’s most powerful central bank are coming into view.
Bessent, who has been interviewing candidates since Labor Day, is down to five candidates, senior Treasury officials confirmed to FOX Business’ Edward Lawrence.
A source familiar with the process said that when the list is reduced to three or four finalists, that’s when President Donald Trump will become involved in the decision-making.
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Trump has criticized Federal Reserve Chairman Jerome Powell for not moving fast enough to cut interest rates and accused him of playing politics, which Powell has denied.
In recent months, the president has intensified his pressure campaign, publicly chastising Powell and using personal insults to express his frustration with the Fed’s decisions.
Trump previously considered firing Powell, who he nominated to the current role in 2017, but ultimately backed off. Powell’s term at the helm of the central bank runs until May 2026.
Here’s a look at who could potentially become the nation’s next Fed chair.
Michelle Bowman
Michelle Bowman serves as the Federal Reserve’s vice chair for supervision, a role that places her at the helm of the Fed’s regulatory agenda and oversight of the central bank. The position aligns closely with Trump’s priorities, particularly his focus on reducing waste, fraud and regulatory burdens.
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Bowman, who largely votes alongside Powell, recently broke with him and has called for a cut in rates.
If tapped and confirmed by Congress, Bowman would become the second woman to chair the central bank. Janet Yellen was the first woman to hold the role.
Christopher Waller
Christopher Waller, a member of the Fed’s governing board, has repeatedly called for rate cuts, a move that aligns, in part, with Trump’s demands.
Waller cited a slowdown in consumer spending and gains in the job market, settling for reasons to cut rates. Addressing Trump’s trade blitz, Waller said the Fed should “look through tariff effects,” adding that the impact on inflation rates will be temporary.
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Of Trump’s potential candidates to succeed Powell, Waller is considered the veteran academic of the group. He has also reiterated the importance of maintaining an independent Federal Reserve.
Similar to Bowman, Waller has largely voted along with Powell. He has echoed the importance of maintaining an independent Federal Reserve.
Kevin Hassett
Kevin Hassett, Trump’s top economic advisor, 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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Trump has previously described Hassett as “fantastic” when asked by reporters whether he could potentially succeed Powell. Trump told CNBC during an Aug. 5 interview, though, that he also thought Hassett’s competitor, Kevin Warsh, was also “very good.”
“Sometimes they’re all very good, until you put them in there, and then they don’t do so good,” Trump said. “I think he’s a very good guy. I’d say Kevin and Kevin, both Kevins are very good.”
Kevin Warsh
Kevin Warsh ascended to the Federal Reserve Board of Governors in 2006. At the time, the ex-Morgan Stanley banker was the youngest person to join the Fed board.
He was among the leading candidates to replace Yellen in 2018 before Trump ultimately appointed Powell to the role. More recently, the former Morgan Stanley banker was considered a top pick for Treasury secretary in Trump’s second administration before Bessent was nominated.
Warsh, who stepped down from the Fed board in 2011, was widely recognized as the Fed’s key liaison to Wall Street during the 2008 financial crisis. He also served as an economic advisor to former President George W. Bush.
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