Trump Narrows Fed Chair Shortlist to Five - Powell’s Successor Could Be Named by Year-End

Trump's Fed Chair Sweepstakes Down to Final Five Contenders

The political drama unfolding at the Federal Reserve just hit high gear. Former President Trump has reportedly trimmed his potential Fed chair nominees to just five names, with plans to announce Jerome Powell's replacement before 2025 closes.

Endgame for Powell Era

The clock is ticking on Powell's tenure as Trump moves decisively to reshape America's central banking leadership. This isn't just bureaucratic shuffling—it's a potential seismic shift for monetary policy that could ripple through global markets.

Five Names, One Chair

The shortlist remains tightly guarded, but insiders confirm the selection process has entered its final phase. Trump's team is weighing each candidate's stance on interest rates, regulatory approach, and willingness to challenge conventional economic wisdom.

Because what the financial world needs is another political appointee deciding the fate of trillions in global capital—just like picking a reality show contestant, but with slightly higher stakes for your retirement account.

Per a Wall Street Journal report, Trump has narrowed his list for a new Fed chair down to five candidates. The five include two sitting Fed governors who were initially nominated to the central bank’s board by Trump: Christopher Waller and Michelle Bowman. Additionally, Kevin Hassett and Kevin Warsh are two more likely candidates. The former is the director of the WHITE House National Economic Council, while the latter is a former Fed governor nominated by George W. Bush. Rick Rieder, a senior executive at BlackRock who oversees the firm’s massive bond business, rounds out the five-person list.

Warsh and Hassett have cultivated the closest relationships with Trump, which many Fed watchers believe is a crucial factor in Trump’s pick rather than qualifications and experience. Trump has previously said he considered Hassett, Waller, and Warsh for the job, although now Bowman and Rieder are two emerging candidates.

Why a New Fed Chair?

On multiple occasions, the Federal Reserve and Jerome Powell have been in hot water over handling Fed spending and interest rate cuts. Despite finally cutting rates this past month, Trump is adamant that the Fed needs to be completely gutted, starting with Chair Jerome Powell. Historically, the White House has announced a new chair around three to four months before the expiration of the sitting Fed leader’s term. However, a new appointee could join the Fed as soon as January, when the newest Fed member Stephen Miran’s term ends.

The Fed is widely expected to cut rates by another quarter point at its two-day meeting that concludes Wednesday.