Treasury Secretary Scott Bessent on Monday announced the names of five finalists to replace Federal Reserve Chair Jerome Powell, with President Trump adding that he expects to make his decision by the end of this year.
The candidates are current Fed Board members Christopher Waller and Michelle Bowman, former Fed Governor Kevin Warsh, White House National Economic Council Director Kevin Hassett and BlackRock Inc. executive Rick Rieder, Mr. Bessent told reporters aboard Air Force One.
“We’re going to do a second round and we hope to present a good slate to the president right after Thanksgiving, it’ll be ultimately be his choice,” Mr. Bessent said as Air Force One traveled to Japan, where Mr. Trump plans to meet with the country’s new prime minister.
But Mr. Trump chimed in to announce a few other candidates, saying he’s “thinking about” Mr. Bessent, Secretary of State Marco Rubio and U.S. Trade Representative Jamieson Greer for the position as well.
Asked if he would consider Homeland Security adviser Stephen Miller, Mr. Trump responded, “How about Stephen Miller? We have a lot of candidates that want the job.”
Mr. Trump added that he expected to pick the candidate by the end of the year.
“We have a person who is not at all smart right now,” Mr. Trump said, reviving his frequent criticism of Mr. Powell, whom he’s accused of hurting the economy by waiting to slash interest rates.
Mr. Powell’s term expires in May.
The Fed policymakers are expected to lower rates at their next two-day policy meeting, which concludes on Oct. 29, by one-quarter percentage point. That would be the second rate cut in a row, but Mr. Trump has pressed the central bank for steeper cuts, calling for a drop of three percentage points.
