Bessent completes talks with Fed chairman, sends shortlist of five candidates to Trump
“Kudlow” panelists Judy Shelton and Steve Forbes discuss the Trump administration’s affordability efforts.
Secretary of the Treasury Scott Bessant completed his interviews this week for the top spot at the Federal Reserve.
Bessent, who has been interviewing candidates since Labor Day, already said that he wants “to see people who are focused on the future, not the past, when it comes to regulation” get the job of chairman of the Fed.
The shortlist of five candidates will now be directed to the president Donald Trumpoffice for review and selection.
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Chairman of the Federal Reserve Jerome Powellappointed by Trump in 2017, is expected to finish his term in May 2026.
On Monday, Federal Reserve Governor Christopher Waller said he recently met with Bessent to discuss the country’s work and economic outlook.
Christopher Waller is considered the senior academic of the group. (Al Drago/Bloomberg/Getty Images)
“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 the economy” and that his discussions with the administration were “never political.”
Among Trump’s potential candidates to succeed Powell, Waller is considered the senior academic of the group.
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Waller has repeatedly called for rate cuts, a move that partly aligns with Trump’s demands. He also reiterated the importance of maintaining an independent body Federal Reserve.
Kevin Hassett, Trump’s top economic adviser, is also in the running to lead the world’s most powerful central bank.
White House National Economic Council Director Kevin Hassett has been a staunch defender of Trump’s economic agenda. (Andrew Harnik/Getty Images)
Hassett has been a staunch defender of Trump’s economic agenda and currently serves as director of the White House National Economic Council. Hassett served in two positions during the first Trump administration and advised Trump on economic policy during the 2024 presidential campaign.
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Kevin Warsh, Hassett’s nominee with strong economic credentials, joined the Federal Reserve Board of Governors in 2006. At the time, the former Morgan Stanley banker was the youngest person to serve on the board.
Kevin Warsh was floated as a possible candidate for Treasury secretary before Trump ultimately chose Scott Bessent. (Tierney L. Cross/Bloomberg/Getty Images)
He was among the leading candidates to replace the chairman of the Federal Reserve. Janet Yellen in 2018 before Trump ultimately appointed Powell to the position.
More recently, Warsh was considered a top choice for Treasury secretary in the second Trump administration before the nomination of former hedge fund chief Bessent.
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Bessent told CNBC on Tuesday that he expects Trump to have made a decision on the next Fed chair by Christmas.
