The U.S. Treasury Secretary, Scott Bessent, announced on Tuesday that interviews for the next Federal Reserve Chair are expected to begin around this coming Friday. He also revealed that there are 11 candidates under consideration.
Bessent, speaking to CNBC, said that the candidate pool is “an incredible group,” and includes current and former Federal Reserve officials as well as private sector professionals. While Bessent did not disclose specific names, media reports have identified potential contenders. These include Fed Governors Michelle Bowman and Christopher Waller, former Fed Governor Kevin Warsh, and National Economic Council Director Kevin Hassett.
He also shared, “I’m going to be meeting with them, probably right before, right after Labor Day, and to start bringing down the list to present to President Trump.”
Other names mentioned include former regional Fed President James Bullard and Marc Sumerlin, a former economic adviser to President George W. Bush. Bessent himself was previously considered for the role but was ruled out earlier this month after Trump confirmed he would remain Treasury Secretary.
With Powell’s term concluding in May 2026, U.S. President Donald Trump’s selection for the role is drawing significant attention. It’s because Trump has often criticized the Federal Reserve for not lowering interest rates quickly enough this year. Furthermore, Trump has recently referred to Powell as a “numbskull” and a “moron,” expressing his frustration with the Fed’s decisions regarding monetary policy.
Industry Awaits Fed’s Next Moves
Investors and government officials are closely watching what the Federal Reserve will do next. There is also a heightened focus on the speech Powell is set to give on Friday at the Jackson Hole meeting. The speech is expected to offer clues about the likelihood of additional rate cuts at the Federal Reserve’s mid-September policy meeting.
As the process of choosing the next Federal Reserve leader continues, the selected person will likely influence how the central bank handles issues like inflation, jobs, and global economic challenges in the future.
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