President Donald Trump addresses his criticism of Federal Reserve Chairman Jerome Powell while taking questions at the NATO summit
President Donald Trump is accelerating his push for a new Federal Reserve chair who will more closely align with his economic policies.
Tensions between Fed Chair Jerome Powell and Trump have intensified over the central bank’s interest rate decisions and broader monetary strategy. Trump has placed the blame squarely on Powell for not cutting rates, which he says has cost the nation “hundreds of billions of dollars.”
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Federal Reserve Chair Jerome Powell testifies before a Senate Banking, Housing and Urban Affairs Committee hearing on Capitol Hill on Feb. 11, 2025. (Craig Hudson / Reuters)
Following a career in investment banking, Powell was appointed to the Federal Reserve by former President Barack Obama before Trump nominated him to his current role as Fed chair.
Last week, Trump revealed he is evaluating “three or four” candidates to succeed Powell, whose term ends in May 2026.
Here’s a look at who could potentially replace Powell.
Treasury Secretary Scott Bessent
Treasury Secretary Scott Bessent watches as President Donald Trump signs executive orders in the Oval Office of the White House on April 9, 2025. (Anna Moneymaker / Getty Images)
Treasury Secretary Scott Bessent has downplayed rumors that he could be selected by Trump to lead the Federal Reserve, telling FOX Business’ Maria Bartiromo that he remains satisfied with his current role in the administration.
“We have a lot of great candidates for the Federal Reserve. I think I have the best job in Washington. I get to interact with the president. The Cabinet that he’s chosen is fantastic, and being part of that Cabinet is the dream of a lifetime for me,” Bessent said on “Mornings with Maria.”
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“But I will go where the president thinks that I am best suited,” he added.
Bessent, a former hedge fund chief, quickly proved that he could broker deals on Trump’s behalf. Earlier this year, he joined U.S. Trade Representative Jamieson Greer in Switzerland to find a soft landing amid trade barbs with China.
Director of the National Economic Council Kevin Hassett
Kevin Hassett, director of the National Economic Council, speaks to members of the media following a meeting with lawmakers at the U.S. Capitol on April 28, 2025. (Stefani Reynolds/Bloomberg via / Getty Images)
Kevin Hassett currently serves as the director of the White House’s National Economic Council and has been a loyal defender of Trump’s economic agenda. During the first Trump administration, Hassett served as the president’s top economist, tasked with navigating tax policy and trade battles.
Hassett told reporters earlier this year that Trump “will continue to study” options on removing Powell from the Fed post.
Federal Reserve Vice Chair Michelle Bowman
Michelle Bowman, vice chair for supervision at the Federal Reserve, arrives for an event at Georgetown University in Washington, D.C., on June 6, 2025. (Graeme Sloan/Bloomberg via / Getty Images)
Michelle Bowman currently serves as the Federal Reserve’s vice chair for supervision, a role that places her at the helm of the Fed’s regulatory agenda and oversight of the nation’s most powerful banks. The position aligns closely with Trump’s priorities, particularly his focus on reducing waste, fraud and regulatory burdens.
Bowman recently broke with Powell and called for a cut in rates.
If tapped and confirmed by Congress, Bowman would become the second woman to chair the central bank. Janet Yellen was the first woman to hold the role.
Former Federal Reserve Board Governor Kevin Warsh
Kevin Warsh, former governor of the Federal Reserve, during the International Monetary Fund and World Bank spring meetings in Washington, D.C., on April 25, 2025. (Tierney Cross/Bloomberg via / Getty Images)
Kevin Warsh was among the leading candidates to replace Yellen in 2018, before Trump ultimately appointed Powell. More recently, Warsh has also been considered a contender for Treasury secretary in the second Trump administration.
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In 2006, the former Morgan Stanley banker became the youngest person to join the Fed Board. Though he stepped down from the post in 2011, Warsh was widely recognized as the Fed’s key liaison to Wall Street during the 2008 financial crisis. He has also served as an economic advisor to President George W. Bush.
Federal Reserve Governor Christopher Waller
Federal Reserve Governor Christopher Waller sits down with FOX Business White House correspondent Edward Lawrence to discuss the impact of President Donald Trump’s tariffs on the U.S. economy and his outlook for rate cuts.
Christopher Waller, considered the veteran academic of the group, was tapped by Trump to join the Fed Board in 2020. Waller has previously said he was in favor of cutting rates in order to prevent a negative impact on the nation’s labor market.
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Similar to Bowman, Waller has largely voted along with Powell. He has echoed the importance of maintaining an independent Federal Reserve.
