Trump Signals Near Decision on Next Fed Chair as Vetting Intensifies and Independence Faces a Legal Test

Overview

• Powell’s chair term ends in May 2026, and Trump has indicated he expects to name a successor early next year.
• Trump told reporters he has a “good idea” of his choice, with interviews reported this week that include former Fed governor Kevin Warsh.
• Treasury Secretary Scott Bessent has presented names to Trump, and other contenders include Christopher Waller, Michelle Bowman, and Rick Rieder, according to the Financial Times.
• Hassett remains the leading candidate in reporting, and officials have discussed an unusual shorter arrangement for his service, though no decision has been announced.
• Recent Fed board appointee Stephen Miran was confirmed 48–47 with a term ending in January, and a separate Supreme Court review of Trump’s attempted removal of Governor Lisa Cook is set for January after the Court allowed her to stay for now.