Bessent Says Very Good Chance Trump Will Announce New Fed Chair Before Christmas

There is a strong possibility that President Donald Trump will announce a new Federal Reserve chair before Christmas, according to U.S. Treasury Secretary Scott Bessent. Bessent has led the search for a successor to current Fed Chair Jerome Powell, whose term ends in May 2026, and stated that the final round of interviews is concluding, with five qualified candidates still under consideration.​

Trump Administration Statements

Bessent has publicly stated that progress is being made and believes there’s a “very good chance” the president will make his announcement regarding the next Fed chair before the Christmas holiday. However, he emphasized that the timing ultimately remains President Trump’s decision, and it could still be delayed until the new year if necessary.​

Context and Candidate Shortlist

President Trump has expressed his dissatisfaction with Jerome Powell’s handling of monetary policy, specifically with interest rate decisions, and has indicated a preference for a chair willing to reduce rates further. The list of reported finalists includes Economic Council’s Kevin Hassett, former Fed Governor Kevin Warsh, current Fed Governors Christopher Waller and Michelle Bowman, and BlackRock executive Rick Rieder.​

The current leading candidates to become the next Federal Reserve chair under President Trump include Kevin Hassett, Kevin Warsh, Christopher Waller, Michelle Bowman, and Rick Rieder.​

Top Names on Trump’s Shortlist

• Kevin Hassett: Former Chairman of the Council of Economic Advisers and increasingly seen as a frontrunner due to his market-friendly views.​

• Kevin Warsh: Former Fed Governor with experience on Wall Street; known for advocating less aggressive monetary policy.​

• Christopher Waller: Current Fed Governor, often associated with conservative approaches to rate policy.​

• Michelle Bowman: Current Fed Governor with experience as a bank regulator and advocate for smaller banks.​

• Rick Rieder: BlackRock executive, considered for his private-sector expertise in markets and risk management.​

These candidates reflect Trump’s desire for a shift in Fed leadership, with an emphasis on lowering interest rates and reshaping the central bank’s role.​

Bessent’s Vision for the Fed

Bessent has also suggested a shift in central bank policy under a new chair, advocating for a less prominent and more stabilizing role for the Fed, compared to its outsized influence since the financial crisis. He has argued that the Fed should “step back into the background” and return to focusing on stability for the American public.​