Treasury Secretary Scott Bessent has narrowed the field of candidates for the next Federal Reserve chair to five, signaling the final stage of a highly watched selection process. President Donald Trump is expected to make a decision by year-end.
The finalists include current Fed governors Christopher Waller and Michelle Bowman, National Economic Council director Kevin Hassett, former Fed governor Kevin Warsh, and BlackRock executive Rick Rieder.
Bessent, who has overseen the interview process, told reporters aboard Air Force One that the field was trimmed from 11 candidates following a series of interviews, some lasting up to two hours.
He plans to conduct a second round of interviews and hopes to present a final slate to the president after Thanksgiving.
The candidates bring a mix of regulatory, policy, and market experience. Bowman is noted for her regulatory expertise, Hassett for his economic policy experience from his White House tenure, Warsh for his experience during the financial crisis, and Rieder for his market insights at BlackRock, despite having no prior Fed experience.
If selected, the nominee would first need confirmation as a Fed governor before being nominated to succeed Jerome Powell when his term ends in May 2026.
Bessent dismissed speculation that he might pursue the role himself, highlighting his focus on delivering a strong candidate list.