President Donald Trump said Friday he would name a successor “very soon” to replace Jerome Powell, whose term as Fed chair ends in May 2026. The small list of candidates under consideration has included Kevin Warsh, a former Fed official whom Trump interviewed for the Treasury secretary role in November, according to people familiar with the matter.
But Bessent – who is leading Trump’s effort to kickstart the US economy with sweeping changes to trade, taxes and regulation – is also now one of the contenders for the job, said the people, who requested anonymity to discuss private conversations. Formal interviews for the position have not begun, two of the people said.
“I have the best job in Washington,” Bessent said in response to a request for comment. “The president will decide who’s best for the economy and the American people.”
As Treasury chief, Bessent would traditionally play a key role in the search and interview process for the next Fed chair. It’s unclear if he would recuse himself as Trump begins to make his decision.
“Given the amount of trust and confidence that the global financial community has in Scott Bessent, he’s an obvious candidate,” said Tim Adams, president and CEO of the Institute of International Finance. “He’s a dark horse candidate,” Adams said, adding that Warsh – who served as a governor on the Fed board from 2006 to 2011 – would also be a good choice.Asked specifically about Warsh on Friday, Trump said: “He’s very highly thought of.”Bessent has been at the forefront of negotiations on a US-China trade deal, arguably the most important of the pacts the president is seeking to forge as part of his effort to reshape the global trade landscape. “Scott Bessent proved he could implement President Trump’s agenda during an incredibly turbulent first six months,” said Steve Bannon, former chief White House strategist and outside adviser to the president.
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