Trump Shortlists Five Candidates to Replace Fed Chair Jerome Powell

Treasury Secretary Scott Bessent on Monday confirmed that the Trump administration has narrowed down its selection to five candidates to replace Federal Reserve Chair Jerome Powell next year.

Talking aboard Air Force One during President Donald Trump's Asia tour, Bessent said the next phase of interviews will take place in the weeks ahead, with a final list to be prepared after Thanksgiving. Trump stated he hopes to choose his pick by the end of this year, and as chatter of a high-level leadership overhaul spread, Powell's term was set to conclude in May 2026.

Who are the Five Candidates Selected by Trump to Replace Jerome Powell?

• Christopher Waller – Trump appointed Waller to the Federal Reserve in 2020, and he has established himself as an independent-thinking policymaker who, more recently, has called for sluggish rate cuts.

• Michelle Bowman – In her current role as Fed Vice Chair of Supervision, Bowman is the country's highest bank regulator. She was appointed in 2018 and has advocated for moderate easing while keeping banking supervision a priority.

• Kevin Warsh – Former Fed governor and youngest ever, Warsh has experience from the George W. Bush administration and is now a Hoover Institution fellow at Stanford.

• Kevin Hassett – Head of the National Economic Council and veteran Trump advisor, Hassett's personal relationship with the president might provide him with a significant edge during the selection process.

• Rick Rieder – Seasoned market strategist and BlackRock senior managing director, Rieder manages assets worth over $2.4 trillion, with decades of expertise in the financial markets.

Why Is Trump Pushing for a Change at the Fed?

President Trump again attacked Jerome Powell, claiming he was "too slow" to cut interest rates. "We have somebody who's not very smart now," Trump said. "He should've been lower, a lot sooner." The Federal Reserve will meet Wednesday to release another rate cut its second this year as economic worries persist.

Trump's comments are a sign of increasing anger in the administration at what it perceives as mismanagement of post-crisis policy by the Fed. Bessent, who is spearheading the search, has been vocal in his criticism of the central bank's reliance on bond-buying programs, saying they artificially skewed markets well beyond the period of emergency.

Who Has the Upper Hand Among Trump's Choices?

Among the contenders, Kevin Hassett stands out as having a serious advantage because he is both loyal and close to Trump. As National Economic Council chair, he was one of the principal architects of the administration's economic agenda. Another contender with thick institutional expertise is Kevin Warsh, a former Fed governor and Bush-era advisor.

Trump appointees Christopher Waller and Michelle Bowman provide policy perspective from within the Fed, while Rick Rieder provides unmatched financial market expertise in managing more than $2.4 trillion of assets at BlackRock.

What Would This Portend for the Future of the Federal Reserve?

Bessent has demanded an "independent, honest, and nonpartisan examination" of the Fed's operations, with great structural change potentially on the cards. Critics respond by cautioning that installing loyalists threatens to make the institution less independent.

As Powell's tenure comes to an end and court battles regarding board appointments persist, the next few months may determine how much control Trump has over U.S. monetary policy and whether the Fed can still serve as the independent champion of economic stability that it was intended to be.