President Trump said Wednesday the search for a successor to Federal Reserve Chair Jerome Powell is now “down to three or four names,” after earlier reports suggested the administration was considering as many as 11 contenders. He added that he may announce the choice “a little bit early,” ahead of Powell’s May 2026 term expiration.
Earlier this week, Treasury Secretary Scott Bessent, who is leading the search and interview process for the next Fed chair, said the administration is casting a “very wide net” for candidates.
“The president has a very open mind,” Bessent told the Fox Business Network on Tuesday.
Treasury Secretary Scott Bessent, who is leading the process, had previously described casting a “very wide net,” while CNBC reported the list included Jefferies strategist David Zervos and BlackRock fixed income CIO Rick Rieder. Other names floated include former Fed governor Kevin Warsh, National Economic Council director Kevin Hassett, Fed governor Chris Waller, former St. Louis Fed president Jim Bullard, Fed governor Michelle Bowman, Fed vice chair Philip Jefferson, Dallas Fed president Lorie Logan, former Bush official Marc Summerlin, and former Fed governor Larry Lindsey.
The president last week nominated Stephen Miran, current head of the Council of Economic Advisers, to replace Fed governor Adriana Kugler, who stepped down Aug. 8. If confirmed, Miran’s term would run through January 2026, and Bessent signaled he could later be renominated to a full term. Trump will have two additional seats to fill if Powell leaves the Board of Governors when his chairmanship ends.
The leadership changes come as markets increasingly expect the Fed to cut interest rates in September after holding steady in July. Fed governors Waller and Bowman supported a cut, while non-voting members Mary Daly and Neel Kashkari have also said the case for easing has strengthened. Powell’s next major remarks are expected Aug. 22 at the Jackson Hole Economic Symposium.
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