Bessent lists five finalists for Fed chair job and Trump says decision coming before the end of the year

Treasury Secretary Scott Bessent on Monday confirmed that the list of candidates to replace Federal Reserve Chair Jerome Powell has been winnowed down to five, with the winner likely to be named by the end of the year.

Speaking to reporters on Air Force One, Bessent said the finalists are current Fed Governors Christopher Waller and Michelle Bowman, National Economic Council Director Kevin Hassett, former Governor Kevin Warsh and BlackRock executive Rick Rieder, according to several media outlets.

Those names were reported earlier this month by CNBC.

Bessent, who had been rumored to be a top candidate as well, has been conducting interviews and said he expects to do one more round before presenting a “good slate” to Trump after the Thanksgiving holiday.

Trump himself told reporters that he anticipates naming a replacement by the end of the year, though Powell’s term does not expire until May 2026. Powell then either can step down from the Fed entirely, or continue serving a term as governor that lasts until 2028.