Friday 10/October/2025 – 02:28 PM
After a series of rigorous interviews, some of which lasted two hours, US Treasury Secretary Scott Besent succeeded in narrowing the list of candidates for the position of Chairman of the US Federal Reserve from 11 to five, and it is possible that this person will be nominated to head the bank, although not necessarily its president, by next January.
The US Treasury Secretary is close to choosing the new Federal Reserve Chairman… and Trump is waiting
According to senior Treasury Department officials, the remaining list of candidates includes two current Fed officials, Vice Chairman of Supervision Michel Bowman and Governor Christopher Waller, along with Kevin Hassett, Director of the National Economic Council, former Fed Governor Kevin Warsh, and BlackRock Fixed Income Investment Director Rick Reeder.
The US Treasury Department intends to conduct another round of interviews with all five candidates in the coming weeks and months. Pisant will lead these interviews, and two senior officials in the department and two senior officials in the White House will participate in them. Given Piscent’s focus on the meetings of the World Bank and the International Monetary Fund in Washington next week, and then his travel to Asia with the president on an extended trip, officials have stated that the interview process may not end until After Thanksgiving.
The secretary then intends to send a smaller list to President Donald Trump, who will make the final decision. However, that person will likely be nominated first for a governor position at the Federal Reserve Board, and then later nominated to chair the board. The reason is that outgoing Fed Chairman, Jerome Powell, whose term ends in May, is holding a governor position with only two years remaining, and the position of reserve governor is expiring. Former Fed Adriana Kugler, now held by Steven Meieran, was elected in January, allowing the new Fed chair to run for office with a full 14-year term, but officials said the strategy had not been decided yet and that there were other possibilities.
The president has already announced Warsh, Hassett, and Waller as finalists for the position, so only Rader and Bowman will be among the new White House recommendations.
