Bessent Identifies Four Contenders for Fed Chair Powell’s Position
President Donald Trump threatened to sue Federal Reserve Chair Jerome Powell over the central bank’s costly renovation project.
Ahead of the New Year’s holiday, President Donald Trump announced he would decide who he wants to lead the Federal Reserve by January.
Current Chair Jerome Powell’s term is set to expire in May 2026, and he has expressed his commitment to fulfilling his responsibilities at the central bank.
This week, Trump intensified his criticism of Powell, labeling him “too late” for not cutting interest rates more aggressively. He also referred to Powell as “a fool” and took aim at the renovation of the Fed’s Washington, D.C., headquarters, which has exceeded its budget.
According to Treasury Secretary Scott Bessent, who has been involved in vetting candidates, the shortlist for the next Fed chair has narrowed to four contenders.
Some candidates have ties to both the central bank and the White House, while another is a top executive at the world’s largest asset manager.
TRUMP SLAMS POWELL AGAIN AS ‘FOOL’, THREATENS LAWSUIT OVER RENOVATIONS
Kevin Hassett
Kevin Hassett is the director of the National Economic Council. (Allison Robbert/Bloomberg via Getty Images)
Hassett, reportedly one of the top two picks, is back in Trump’s circle as the director of the National Economic Council. Previously, he served as a senior advisor and chairman of the Council of Economic Advisors during Trump’s first term. Both agencies collaborate closely with the White House on economic policies.
After the U.S. economy recorded a growth rate of 4.3% in the third quarter, Hassett celebrated the administration’s achievements, stating, “Trump policies are working, and they are very visibly working because we have seen the data,” during an interview on FOX Business Network’s “Kudlow.”
FED EXPECTED RATE CUT COMES WITH OTHER DILEMMAS FOR CENTRAL BANK
Kevin Warsh
Former Federal Reserve Board Gov. Kevin Warsh discusses the significance of ADP ending data sharing with the Federal Reserve and the return of inflation data on ‘Maria Bartiromo’s Wall Street.’
The former Federal Reserve governor, Kevin Warsh, is another leading candidate for the Fed chair position and has been a vocal critic of the central bank’s policies.
Warsh stated, “I think their track record is really quite poor in forecasting the growth of the economy from policies like the ones the president put in place. And their inflation forecasts have been terrible, too.” He emphasized that this poor performance has led to significant inflation that has adversely affected hardworking Americans.
Rick Rieder
BlackRock Global Fixed Income CIO Rick Rieder discusses the state of the U.S. economy moving into the new year on ‘The Claman Countdown.’
Rick Rieder, BlackRock’s chief investment officer of global fixed income, manages $3.2 trillion in customer assets for the world’s largest asset manager. BlackRock oversees more than $10 trillion in total assets. In a recent interview with FOX Business’ Liz Claman, Rieder refrained from commenting on the possibility of leading the Fed, instead referencing his previous statements on the matter.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| BLK | BLACKROCK INC. | 1,083.16 | -5.24 | -0.48% |
Rieder expressed his initial excitement about the prospect of leading the Fed, stating, “When I first heard it, I thought it’d be the greatest honor of my life.” He emphasized the importance of serving the country through monetary policy and economic transmission.
AMERICANS TO GET HUGE TAX REFUND NEXT YEAR
Christopher Waller
Christopher Waller. (Al Drago/Bloomberg via Getty Images / Getty Images)
WALLER: I FIT THE BILL FOR NEXT FED CHAIR
Waller, alongside colleague Michelle Bowman, was among the early dissenters in July, advocating for rate cuts. This highlighted a growing divide within the Federal Reserve, which has faced criticism for delaying rate cuts amid rising inflation and a slowing labor market.
In December, Waller supported a 0.25 point rate cut by the Fed, marking the third rate cut of the year. The minutes from the last meeting, released on December 30, indicate that the number of anticipated rate cuts in 2026 remains uncertain.
FOX Business’ Eric Revell and Edward Lawrence contributed to this report, which was updated on 12-30-25 to reflect the list of candidates and President Trump’s timing on a pick.
President Donald Trump threatened to sue Federal Reserve Chair Jerome Powell over the central bank’s costly renovation project.
Ahead of the New Year’s holiday, President Donald Trump announced he would decide who he wants to lead the Federal Reserve by January.
Current Chair Jerome Powell’s term is set to expire in May 2026, and he has expressed his commitment to fulfilling his responsibilities at the central bank.
This week, Trump intensified his criticism of Powell, labeling him “too late” for not cutting interest rates more aggressively. He also referred to Powell as “a fool” and took aim at the renovation of the Fed’s Washington, D.C., headquarters, which has exceeded its budget.
According to Treasury Secretary Scott Bessent, who has been involved in vetting candidates, the shortlist for the next Fed chair has narrowed to four contenders.
Some candidates have ties to both the central bank and the White House, while another is a top executive at the world’s largest asset manager.
TRUMP SLAMS POWELL AGAIN AS ‘FOOL’, THREATENS LAWSUIT OVER RENOVATIONS
Kevin Hassett
Kevin Hassett is the director of the National Economic Council. (Allison Robbert/Bloomberg via Getty Images)
Hassett, reportedly one of the top two picks, is back in Trump’s circle as the director of the National Economic Council. Previously, he served as a senior advisor and chairman of the Council of Economic Advisors during Trump’s first term. Both agencies collaborate closely with the White House on economic policies.
After the U.S. economy recorded a growth rate of 4.3% in the third quarter, Hassett celebrated the administration’s achievements, stating, “Trump policies are working, and they are very visibly working because we have seen the data,” during an interview on FOX Business Network’s “Kudlow.”
FED EXPECTED RATE CUT COMES WITH OTHER DILEMMAS FOR CENTRAL BANK
Kevin Warsh
Former Federal Reserve Board Gov. Kevin Warsh discusses the significance of ADP ending data sharing with the Federal Reserve and the return of inflation data on ‘Maria Bartiromo’s Wall Street.’
The former Federal Reserve governor, Kevin Warsh, is another leading candidate for the Fed chair position and has been a vocal critic of the central bank’s policies.
Warsh stated, “I think their track record is really quite poor in forecasting the growth of the economy from policies like the ones the president put in place. And their inflation forecasts have been terrible, too.” He emphasized that this poor performance has led to significant inflation that has adversely affected hardworking Americans.
Rick Rieder
BlackRock Global Fixed Income CIO Rick Rieder discusses the state of the U.S. economy moving into the new year on ‘The Claman Countdown.’
Rick Rieder, BlackRock’s chief investment officer of global fixed income, manages $3.2 trillion in customer assets for the world’s largest asset manager. BlackRock oversees more than $10 trillion in total assets. In a recent interview with FOX Business’ Liz Claman, Rieder refrained from commenting on the possibility of leading the Fed, instead referencing his previous statements on the matter.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| BLK | BLACKROCK INC. | 1,083.16 | -5.24 | -0.48% |
Rieder expressed his initial excitement about the prospect of leading the Fed, stating, “When I first heard it, I thought it’d be the greatest honor of my life.” He emphasized the importance of serving the country through monetary policy and economic transmission.
AMERICANS TO GET HUGE TAX REFUND NEXT YEAR
Christopher Waller
Christopher Waller. (Al Drago/Bloomberg via Getty Images / Getty Images)
WALLER: I FIT THE BILL FOR NEXT FED CHAIR
Waller, alongside colleague Michelle Bowman, was among the early dissenters in July, advocating for rate cuts. This highlighted a growing divide within the Federal Reserve, which has faced criticism for delaying rate cuts amid rising inflation and a slowing labor market.
In December, Waller supported a 0.25 point rate cut by the Fed, marking the third rate cut of the year. The minutes from the last meeting, released on December 30, indicate that the number of anticipated rate cuts in 2026 remains uncertain.
FOX Business’ Eric Revell and Edward Lawrence contributed to this report, which was updated on 12-30-25 to reflect the list of candidates and President Trump’s timing on a pick.
