• Treasury Secretary Scott Bessent will conduct interviews with 11 candidates for Federal Reserve chair next week.
  • The process aims to narrow the list to three or four finalists for President Trump's consideration.
  • Bessent has publicly stated he does not wish to be considered for the position himself.

Vetting the Next Fed Chief

U.S. Treasury Secretary Scott Bessent is set to hold a series of interviews next week with a large pool of candidates vying to become the next chair of the Federal Reserve, according to people familiar with the matter. The intensive vetting process is a critical step in presenting a shortlist of three or four finalists to President Trump as the term of current Chair Jerome Powell nears its conclusion.

Bessent confirmed there are 11 strong candidates under consideration. The interviews, coupled with input from other senior White House advisers, will shape the final recommendations. The administration is moving deliberately, with an announcement from the President expected in the coming months, likely before Powell's term ends. Efforts to reach a spokesperson for the Treasury Department for additional comment were not immediately successful.

A Pivotal Decision Amid Economic Uncertainty

The selection comes at a delicate time for the U.S. economy, with the central bank grappling with persistent inflationary pressures and the timing of future interest rate adjustments. The choice of Fed chair will signal the administration's preferred direction for monetary policy and financial regulation for years to come. President Trump has previously voiced a desire for a leader who aligns with his views on economic management.

This leadership transition is already underway within the Fed system. The recent dismissal of Governor Lisa Cook by President Trump has heightened focus on the composition of the board. The interviews next week suggest the administration is accelerating its efforts to install a new leadership team. Market watchers will be scrutinizing any leaks from the process for clues on the frontrunners' policy leanings.

This article was updated to clarify that the final nomination decision rests with President Trump.