Trump Excludes Bessent from Fed Chair Shortlist, Names Four Candidates

President Donald Trump has narrowed his list of candidates to succeed Jerome Powell as Federal Reserve chair to four, including Kevin Hassett, director of the National Economic Council, and Kevin Warsh, a former Fed governor. Trump confirmed Treasury Secretary Scott Bessent is not among the candidates, as Bessent prefers to remain at the Treasury Department. The president has been critical of Powell's reluctance to cut interest rates and has considered alternative legal grounds for removing him, such as cost overruns on the Fed's headquarters renovation. With the recent resignation of Fed Governor Adriana Kugler, Trump has the opportunity to appoint a significant portion of the Fed's governors, potentially influencing the central bank's future policy direction. Trump plans to announce his selection for the open Fed governor seat soon and is expected to name Powell's successor in the near future. The process will require Senate confirmation, which could be delayed due to legislative priorities and the August recess.