Trump Narrows Search for Next Federal Reserve Chair Excluding Treasury Secretary

President Donald Trump has narrowed his list of candidates to succeed Federal Reserve Chair Jerome Powell to four individuals, explicitly excluding Treasury Secretary Scott Bessent, who has opted to remain in his current role. Among the leading contenders are Kevin Hassett, Director of the National Economic Council, and Kevin Warsh, a former member of the Federal Reserve Board of Governors.

This development follows the unexpected resignation of Federal Reserve Governor Adriana Kugler, effective August 8, 2025, which provides President Trump an opportunity to influence the central bank's leadership ahead of Powell's term conclusion in May 2026.

The selection of the next Federal Reserve Chair is critical, as it will influence the direction of U.S. monetary policy and the central bank's independence. Both Hassett and Warsh have previously aligned with President Trump's economic policies, advocating for interest rate cuts and expressing criticism of Powell's leadership.

This announcement has garnered attention from financial markets, with investors closely monitoring potential shifts in monetary policy and their implications for the economy.

The narrowing of candidates for the Federal Reserve Chair position, coupled with the unexpected resignation of Governor Adriana Kugler, presents a significant opportunity for President Trump to shape the future of U.S. monetary policy. The selection process and eventual appointments will be closely watched for their potential to influence economic growth, inflation control, and the independence of the Federal Reserve.