Catenaa, Tuesday, June 10, 2025- US Treasury Secretary Scott Bessent is a top contender for the soon-to-be vacant Federal Reserve Chairman, Bloomberg reported on Tuesday.
Quoting sources, the report said a small list of candidates under consideration for the Fed Chair includes Kevin Warsh, a former Fed official whom Trump interviewed for the Treasury secretary role in November, and Bessent.
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.
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 sources told Bloomberg.
“I have the best job in Washington,” Bessent said in response to a request for comment to Bloomberg “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.
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.
Trump, who first nominated Powell to the job in 2017, has regularly complained that the Fed chief has been too reluctant to cut borrowing costs. Trump pushed Powell to lower interest rates in a White House meeting last month.
Powell and Fed officials have held interest rates steady in 2025, arguing a patient approach to policy is appropriate amid economic uncertainty caused by Trump’s expanded and evolving use of tariffs.
Fed policymakers have stated that they expect the announced tariffs to negatively impact economic growth and potentially increase inflation.
