Chairpersons

Trump Reveals Shortlist for Federal Reserve Chairman, Excluding Treasury Secretary Bessent

Strategic Insights

Aug 4, 2025 — 1 min read

In a significant development on the Federal Reserve chairmanship front, U.S. President Donald Trump has announced a shortlist of four candidates to succeed Jerome Powell, excluding U.S. Treasury Secretary Scott Bessent. According to Trump, Bessent opted out of the race and preferred to stay in his current job, citing his affection for Bessent but acknowledging his decision to remain as Secretary.

This development comes as a surprise, given the rumors and speculation surrounding the potential candidates for the Fed chair position. Trump's statement has ignited further debate and discussion among economic experts and policymakers, particularly with regards to the qualifications and suitability of the shortlisted candidates.

Key Takeaways:

U.S. President Donald Trump has revealed a shortlist of four candidates to succeed Federal Reserve Chairman Jerome Powell, excluding U.S. Treasury Secretary Scott Bessent.
Trump cited Bessent's preference to stay in his current job as the reason for his exclusion from the list.
Former Fed Governor Kevin Warsh and Kevin Hassett, director of the National Economic Council, are among the four candidates on Trump's shortlist.
Powell's term as chair is set to end in May 2026.
Adriana Kugler's resignation from the Fed board has created a vacancy for Trump to fill.
The Fed has seven board members, with no other members scheduled to leave before Powell's term ends.
Board members are nominated by the U.S. president and confirmed by the Senate, while the chair and vice chairs are nominated from among the members and require Senate confirmation.

Statistics:

4 - Number of candidates on Trump's shortlist to succeed Jerome Powell.
1 - Number of candidates excluded from the list, citing Bessent's preference to stay in his current job.
May 2026 - Powell's term ending date as Federal Reserve Chairman.
7 - Number of board members on the Federal Reserve board.
1 - Number of Fed board members scheduled to leave before Powell's term ends.

Sources:

Xinhua via COMTEX
CNBC Interview with President Trump

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