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Bessent on Short List to Replace Powell as Fed Chair

Trump will soon name Powell’s replacement during Bessent’s leadership of the administration’s global trade overhaul.

U.S. Treasury Secretary Scott Bessent testifies before a House Financial Services Committee hearing entitled "The Annual Testimony of the Secretary of the Treasury on the State of the International Financial System," on Capitol Hill in Washington, D.C., U.S., May 7, 2025. REUTERS/Nathan Howard/File Photo
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Overview

  • Treasury Secretary Scott Bessent has emerged as a leading contender to succeed Jerome Powell when his term ends in May 2026.
  • President Trump has signaled he will announce a Fed chair successor very soon, although formal interviews for the role have not yet begun.
  • Former Fed governor Kevin Warsh remains in contention alongside Bessent on the shortlist of candidates.
  • Bessent has been at the forefront of the administration’s sweeping global trade overhaul and efforts to reshape tax and regulatory policy.
  • The upcoming Fed chair selection will shape U.S. monetary policy and market expectations ahead of Powell’s term expiration.