Overview

• A growing chorus of advisers inside and outside the administration is backing Treasury Secretary Scott Bessent to succeed Jerome Powell when his term ends in May 2026.
• President Trump has said he will announce a successor very soon, putting pressure on the selection timeline for the next Fed chair.
• As Treasury chief, Bessent would traditionally lead the search and interview process, prompting uncertainty over whether he will recuse himself.
• Former Fed governor Kevin Warsh remains on the shortlist, with supporters like Arthur Laffer citing his monetary policy experience.
• Observers warn the incoming chair must prove the Fed’s autonomy after Trump’s repeated calls for lower interest rates and his use of tariffs.