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Treasury Secretary Scott Bessent told CNBC on Wednesday that he’ll soon be giving President Donald Trump several candidates to serve as the next chair of the Federal Reserve.
“Likely sometime after Thanksgiving, in December, we’ll present the president with three or four candidates for him to interview,” Bessent told CNBC’s Sara Eisen.
Bessent disclosed that he’s trimmed the initial list of 11 candidates he interviewed to five, while also clarifying that he will not be the next chair. He declined to say whether supporting lower interest rates was a requirement, noting instead that he looks for a candidate with an “open mind.”
CNBC previously reported on Oct. 10 that the five candidates are Michelle Bowman, the Fed’s vice chair for supervision; Fed Governor Christopher Waller; Kevin Hassett, director of the National Economic Council; former Fed Governor Kevin Warsh; and BlackRock executive Rick Rieder.
The pending decision comes at a time when Trump has repeatedly engaged in contentious debate with the Federal Reserve.
Trump has criticized Fed Chair Jerome Powell, saying he should cut interest rates by 3 percentage points, and he has attempted to fire Fed Governor Lisa Cook over what he described as mortgage fraud, allegations that Cook has denied.
It’s likely that the nominee will first be appointed as a Federal Reserve governor, then later nominated as Fed chair. Outgoing Chair Powell’s term ends in May, but his governor’s seat has two years remaining.
By contrast, the seat once held by former Fed Governor Adriana Kugler, which is now occupied by Stephen Miran, expires in January 2026 and would allow the new chair to serve a full 14-year term.
