Trump says 4 on shortlist to succeed Fed Chair Powell, ruling out Treasury Secretary Bessent

NEW YORK, Aug. 5 (Xinhua) -- U.S. President Donald Trump said on Tuesday he has a shortlist of four candidates to succeed Federal Reserve Chairman Jerome Powell, without U.S. Treasury Secretary Scott Bessent.

In an interview with CNBC, Trump said that during a conversation on Monday night, Bessent told him he was opting out of the race and preferred to stay in his current job.

"Well, I love Scott, but he wants to stay where he is," said Trump.

According to media reports, Former Fed Governor Kevin Warsh and Kevin Hassett, director of the National Economic Council, are among the four candidates, though Trump hasn't disclosed the full list.

"Both Kevins are very good, and there are other people that are very good, too," Trump said.

Powell's term as chair is set to end in May 2026, and he has repeatedly said he will not leave the post early, though he has been bashed so far this year by Trump and his supporters on the Fed's monetary policy decisions.

However, the surprise resignation of Fed Governor Adriana Kugler, effective Friday, has offered a vacancy for Trump to fill on the Fed's board.

The Fed has seven board members, and no other Fed board members are scheduled to leave before Powell's term ends.

According to the Fed's website, board members are nominated by the U.S. president and confirmed by the Senate, while the chair and vice chairs of the board are nominated by the president from among the members and also require Senate confirmation.