- U.S. Treasury Secretary Scott Bessent reveals five finalists to replace Jerome Powell as Fed Chair.
- Kevin Hassett is the leading candidate, with 36% of market bets, due to his White House ties.
- The final decision is expected before the year’s end, with Senate confirmation to follow.
U.S. Treasury Secretary Scott Bessent has revealed the final shortlist of candidates to replace Jerome Powell as Federal Reserve Chair. Powell, who has held the position since 2018, will step down by the end of the year, and a decision on his successor is expected soon. According to a post on X by Eleanor Terret, the five finalists for the role are Christopher Waller, Michelle Bowman, Kevin Warsh, Kevin Hassett, and Rick Rieder. These individuals represent a mix of experienced economists, government officials, and financial executives.
Treasury Secretary Bessent’s Announcement
Scott Bessent confirmed the names of the final candidates in an interview with CNBC . As part of the selection process, Bessent will conduct additional interviews after Thanksgiving. The President is expected to make the final decision before the year’s end. This follows a list of potential candidates being released earlier in September. Trump’s administration has been vocal about the need for change at the Fed, criticizing Powell for not cutting interest rates quickly enough.
The shortlist includes two current members of the Federal Reserve Board, Christopher Waller and Michelle Bowman. Waller, a known advocate for innovation in digital finance, has gained attention due to his proposals regarding cryptocurrency and a new payment account system. This proposal could allow crypto firms to access the Fed’s payment network without needing a full banking license. Meanwhile, Bowman has been recognized for her work on monetary policy and financial regulation.
In addition, the names on the list include ex-Federal Reserve Governor Kevin Warsh, a governor of the Fed with high expertise in financial markets. Another one is Kevin Hassett, who was the economic advisor at the White House and is now the Director of the National Economic Council. To top it off, Rick Rieder from BlackRock is the last name on the list.
Traders’ Top Pick: Kevin Hassett
Traders appear to favor Kevin Hassett as the next Fed Chair. According to betting platform Polymarket, Hassett leads with 37% of the bets, followed by Christopher Waller at 23%. Hassett’s close ties to the White House and his expertise in economic policy are seen as key factors in his growing support.
Source: PolyMarketIt is expected that the President will make the announcement by the end of the year, after which the chosen one will require Senate confirmation. During the confirmation hearing, the candidate will be interrogated with questions about their views on key matters such as inflation, employment, and the independence of the central bank. The new chair of the Federal Reserve will take office on February 1, 2026 and will replace Stephen Miran, who is now on unpaid leave from his White House position. Powell’s official term concludes in May 2026.
