According to the Treasury Secretary Scott Bessent, President Trump should have a decision on who will replace Jerome Powell as the Chair of the Federal Reserve by Christmas.
Kevin Hassett, the Director of the National Economic Council of the United States, is currently seen as the frontrunner, although Bessent said that President Trump has one interview left to conduct.
“I think there’s a very good chance that the president will make an announcement before Christmas,” Bessent said. “But it’s [Trump’s] prerogative, whether it’s before the Christmas holidays or in the new year. But I think things are moving along very well.”
The five finalists for the role include Hassett, former Fed Governor Kevin Warsh, current Fed Governors Christopher Waller and Michelle Bowman, and Rick Rieder, the chief investment officer of global fixed income at BlackRock.
🚨 NEW: Treasury Secretary Scott Bessent provides an update on the selection process for the next Federal Reserve Chair. pic.twitter.com/3WwwLarZRZ
— Trump War Room (@TrumpWarRoom) November 25, 2025
President Trump has been deeply unhappy with Jerome Powell, whom he has accused of lowering interest rates late, bestowing him with the nickname: "Too Late Powell." Trump has long viewed interest rate policy as a key factor in fueling economic growth and boosting market confidence, alongside his tariff policies, and bringing jobs back to America's shores.
Trump has frequently argued that higher rates under Powell’s leadership slowed momentum during critical periods of his presidency. The tension between the two underscored Trump’s broader frustration with the Federal Reserve’s independence and its cautious approach to monetary easing. He has continued to criticize Powell’s decisions, citing them as examples of what he sees as poor economic judgment within the Fed.
Powell's replacement is set to be far more aligned with Trump's vision.