BREAKING: Potential Replacement for Jerome Powell as Fed Chair Revealed! Heres Who It Is

US President Donald Trump announced that he will “very soon” announce the name of the person who will replace Fed Chair Jerome Powell, whose term ends in May 2026. Among the names that have come to the fore for Powell‘s successor, Treasury Secretary Scott Bessent’s name has increasingly begun to be mentioned.

Advisers close to Trump and some outside the administration argue that Bessent is a strong candidate for the Fed chair. Although the formal interview process has not yet begun, Bessent stands out for his role in implementing Trumps agenda on economic, trade and regulatory policies.

As Treasury Secretary, Bessent is expected to play a key role in the selection process for the new Fed Chair. However, it is not yet clear whether Bessent will withdraw from the process during Trumps decision-making process. Commenting on the matter, Bessent said, “I have the best job in Washington. The president will make the best decision for the economy and the American people.”

The White House declined to comment on the matter.

Tim Adams, president of the Institute of International Finance, said Bessent is a trusted name in the global financial community, adding, “He‘s an obvious candidate.” Adams also said former Fed governor Kevin Warsh is a strong choice. Trump responded to a question about Warsh on Friday by saying, “He’s a very well-respected person.”

Bessent has also been at the forefront of the Trump administration‘s trade talks with China. “Scott Bessent has proven during a difficult first six months that he can execute Trump’s agenda. He is the star of the cabinet and a safe choice for global capital markets,” said former senior advisor Steve Bannon.

Trump nominated Powell to chair the Fed in 2017 but has frequently criticized Powell for not cutting interest rates. The president called for another rate cut during a meeting with Powell last month.