Five candidates narrowed for Powell's successor as Fed chair…final decision expected before year-end

U.S. Treasury Secretary Scott Bessent has released the list of five candidates for Jerome Powell's successor as Federal Reserve (Fed) chair. President Donald Trump said, "I will make a final decision before the end of the year."

According to Bloomberg on the 27th (local time), Secretary Bessent said at an Air Force One briefing with reporters, "The current candidate pool has been narrowed to five: current Fed governors Christopher Waller and Michelle Bowman, former Fed governor Kevin Warsh, White House National Economic Council (NEC) director Kevin Hassett, and BlackRock executive Rick Rieder."

He said, "We plan to conduct additional interviews after Thanksgiving and present a 'final slate (good slate)' to President Trump," and added, "We hope to complete the appointment process within this year."

President Trump again criticized Powell, saying, "There is someone at the Fed right now who is 'not smart at all.'" He argued that "he is suppressing the economy by not cutting interest rates enough," and in the past had urged that the benchmark interest rate be cut by 3% points. He also confirmed his intention to keep the incumbent, saying, "There is no possibility that Secretary Bessent will take the Fed chairmanship."

The next Fed chair is expected to be appointed along with a 14-year term on the Fed Board of Governors beginning in early 2026, and Powell's term as chair ends in May next year.