Key Facts
• President Trump announced on August 5 that Treasury Secretary Bessent will not be considered for the Federal Reserve Chair position.
• Current Fed Chair Jerome Powell’s term ends in May 2026.
• On August 4, Trump directly asked Bessent if he wanted the role; Bessent declined, expressing a desire to remain Treasury Secretary.
• Trump confirmed his intention to keep Bessent in his current position.
• Trump named two potential candidates for the Fed Chair role: National Economic Council Chair Hassett and former Fed Governor Warsh.
• Trump mentioned there are two additional unnamed candidates, bringing the total to four.
• Trump described all candidates as “very good individuals.”
Summary
President Trump has decided not to nominate Treasury Secretary Bessent as the next Federal Reserve Chair, following a direct conversation on August 4 where Bessent expressed his preference to remain in his current role. Trump announced this decision on August 5, confirming his support for Bessent’s continuation as Treasury Secretary. The search for Jerome Powell’s successor, whose term ends in May 2026, now focuses on four candidates, including National Economic Council Chair Hassett and former Fed Governor Warsh. Trump praised all candidates as highly qualified, though he did not disclose the names of the other two contenders.
