POTUS narrows fed chair choice down to four, bessent opts out

US President Donald Trump said Tuesday that he has narrowed his potential choices for heading the Federal Reserve to four candidates, but that Treasury Secretary Scott Bessent (in pic) is no longer in the running.

Trump did not specify the full list of people he was considering. However, Bessent has been viewed as a possible pick by the president, as Fed Chair Jerome Powell's term at the helm of the independent central bank ends May 2026.

All eyes are on Trump's decision, with the president repeatedly criticizing the Fed's determination to hold off interest rate cuts as policymakers gauge the economic effects of tariffs.


Trump has openly called Powell a "numbskull" and "moron".

"I love Scott, but he wants to stay where he is," Trump told a TV channel in an interview, referring to Bessent. "I'll take him off, because I asked him just last night: Is this something you want? 'Nope, I want to stay where I am'," Trump added. "He actually said, 'I want to work with you'."

"I said, 'That's very nice. I appreciate that'," Trump said.

For now, the early resignation of Fed governor Adriana Kugler, effective Friday, opens a vacancy for Trump to fill.

Kugler's replacement will serve out the remainder of her term ending in January.

But Trump also signaled Tuesday that his choice for Fed governor could end up being his pick to replace Powell.

Among the contenders to succeed Powell are former Fed governor Kevin Warsh and National Economic Council director Kevin Hassett.