US President Donald Trump has indicated he will announce his choice to succeed Jerome Powell as head of the Federal Reserve early next year. This statement extends a months-long process, even after Trump stated he already knows who he will select to lead the central bank.
During a cabinet meeting, Trump also noted that Treasury Secretary Scott Bessent, who has been leading the search process, is not seeking the top Fed position. The President did not reveal who his preferred candidate might be. On Sunday, Trump told reporters he knows who he plans to pick as Powell’s successor, whose term ends in May. He declined to confirm if that choice was Kevin Hassett, his top economic advisor.
Hassett, 63, previously chaired the White House’s Council of Economic Advisers during Trump’s first term. Other potential candidates to succeed Powell include current Fed governors Michelle Bowman and Christopher Waller, former Fed governor Kevin Warsh, and BlackRock’s Rick Rieder.
Bessent has stated that he has completed two rounds of interviews with each candidate. He was planning to present a narrowed list of finalists to Trump and other White House officials this month. The Federal Reserve, or Fed, is the central banking system of the United States. It conducts monetary policy and regulates banks.
