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Trump Excludes Bessent From Fed Chair Shortlist as Four Candidates Remain

Trump’s move opens a four-month Fed board vacancy with an eye on next year’s chair succession.

Secretary of the Treasury Scott Bessent speaks to reporters during the weekly luncheons at Capitol Hill on June 24, 2025 in Washington, DC.
U.S. Treasury Secretary Scott Bessent attends a press conference at government quarters Rosenbad after the trade talks between the U.S. and China concluded, in Stockholm, Sweden, July 29, 2025. Magnus Lejhall/TT News Agency/via REUTERS/File Photo
Treasury Secretary Scott Bessent.

Overview

  • Trump told CNBC he has narrowed the contest to four prospects and removed Treasury Secretary Scott Bessent from Fed chair consideration
  • Bessent declined the opportunity, saying he prefers to remain in his current role as treasury secretary
  • Former Fed governor Kevin Warsh and White House economist Kevin Hassett are among the names still under review
  • Fed Governor Adriana Kugler will resign effective this Friday, creating a temporary board seat
  • Trump said the interim appointee will serve a four-month term and could be tapped as Jerome Powell’s successor next year