Treasury Secretary Scott Bessent said Wednesday that he will present President Donald Trump with a shortlist of candidates to serve as the next chair of the Federal Reserve in December, as the administration seeks a successor to Jerome Powell ahead of his term’s expiration in May 2026.
- Bessent told CNBC that he will present “three or four” finalists to Trump for interviews after Thanksgiving.
- The remaining five candidates include Vice Chair for Supervision Michelle Bowman, Fed Governor Christopher Waller, National Economic Council Director Kevin Hassett, former Fed Governor Kevin Warsh, and BlackRock Inc. ($BLK) executive Rick Rieder.
- Bessent confirmed he is not among the candidates being considered for the role.
- The next Fed chair will take office in May 2026, following Powell’s term, and will serve a 14-year governor term.
- Trump has pushed for significant interest rate cuts, while investors remain concerned about potential market volatility and inflation.
- Bessent said his top criteria include open-mindedness and management capability, given the Fed’s broad regulatory and operational scope.
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Editor’s Note: This is a developing story. This article may be updated as more details become available.
