Trump rules out Bessent as Federal Reserve chairman

Donald Trump ruled out nominating Scott Bessent as the next chairman of the Federal Reserve. While the current Treasury secretary had not been ruled out as Jerome Powell's successor, he told Trump that he preferred to remain in his current position.

In the midst of his public feud with Powell over his reluctance to lower interest rates, the president began exploring options to replace him in ten months.

One of the strongest options was Bessent, who, when asked about it, assured that he would comply with Trump's will.

However, in dialogue with CNBC, the Republican confirmed that the Treasury Secretary will not be the chosen one: "I love Scott, but he wants to stay where he is. He’s doing a great job, and he wants to do what he’s doing," Trump expressed. He added that he recently asked Bessent if he wanted to jump to the Fed, and that the answer was negative.

Powell's term at the helm of the Fed ends in May 2026, so Trump will be in charge of nominating his successor. As reported by The Wall Street Journal, among the leading names under consideration are Kevin Warsh, former governor of the Fed; Kevin Hassett, director of the National Economic Council; David Malpass, former president of the World Bank; and Christopher Waller, current Fed governor.

Among them, Trump assured that both Warsh and Hassett are among the finalists for the post: "The two Kevins are doing well, and I have two other people that are doing well. I think that it’ll be one of four people."

Warsh, also a professor and scholar, was recently interviewed by Peter Robinson for the Hoover Institution's popular "Uncommon Knowledge" program. There, he was optimistic about the economic future of the United States, driven by innovation, productivity and population dynamism.