WASHINGTON: US President Donald Trump said Tuesday he has narrowed the list of candidates to lead the Federal Reserve to four names, confirming that Treasury Secretary Scott Bessent is no longer in contention.
“I love Scott, but he wants to stay where he is,” Trump told CNBC, noting that he asked Bessent directly if he was interested in the job. “He actually said, ‘I want to work with you.’ I said, ‘That’s very nice. I appreciate that.’”
Bessent was widely seen as a potential successor to Fed Chair Jerome Powell, whose term ends in May 2026. Trump has been openly critical of Powell, calling him a “moron” and a “numbskull” over the Fed’s reluctance to cut interest rates amid ongoing economic uncertainty from tariffs.
Trump declined to name the full list of contenders but said “the two Kevins”—former Fed governor Kevin Warsh and National Economic Council director Kevin Hassett—are under serious consideration. “I think that it’ll be one of four people,” he said.
Adding to the intrigue, Fed governor Adriana Kugler’s unexpected resignation—effective Friday—opens a seat on the board.
Trump indicated that whoever fills the vacancy could also be his choice to replace Powell in 2026.
Other names speculated for the role include Fed Governor Christopher Waller, who recently dissented in favour of a rate cut during the last Federal Open Market Committee meeting. – AFP
