President Donald Trump said Tuesday that Treasury Secretary Scott Bessent is officially off the shortlist to lead the Federal Reserve next year, even as speculation swirls over who will replace current Chair Jerome Powell when his term ends in May 2026.
“I love Scott, but he wants to stay where he is,” Trump told CNBC’s Squawk Box.
“He actually said, ‘I want to work with you.’ It’s such an honor. I said, ‘That’s very nice. I appreciate that.’”
Bessent’s name had been floated for weeks, but the Treasury Secretary had not publicly taken himself out of the running — until now.
The Final Four: Hassett, Warsh, and Two Others
Trump confirmed he has four finalists in mind to succeed Powell:
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Kevin Hassett, current Director of the National Economic Council
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Kevin Warsh, former Fed governor (2006–2011)
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Two unnamed candidates
“Both Kevin Warsh and Kevin Hassett are very good candidates for the Fed,” Trump said.
Over the weekend, Hassett told NBC’s
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