President Donald Trump has confirmed today that Kevin Hassett, Christopher Waller, and Kevin Warsh are the final three candidates he’s considering to run the Fed.
Speaking to reporters in the Oval, Trump said, “You could say those are the top three,” while making clear he’s not waiting around to change the direction of the central bank. The comment came as the president continues his push to replace Jerome Powell, whose term as chair of the Fed ends in May.
This update comes from Reuters, which also noted that Trump, while already leaning toward a specific name, plans to carry out formal interviews. That hasn’t stopped him from signaling who he’s favoring.
He’s said multiple times that Powell won’t be renominated, and that decision has now turned into a full search operation. The president blames Powell’s refusal to cut rates for the weak August jobs report and has accused him of slowing the economy.
Scott leads search while attacking Fed policies
Treasury Secretary Scott Bessent, who was initially thought to be a possible replacement himself, has removed his name from consideration. Speaking Friday, Scott said, “I’m the only person on the planet who does not want the job.” Instead, he’s managing the replacement process.
According to Bloomberg, the interviews to find Powell’s replacement began Friday, although there’s no official confirmation yet on who is participating.
Scott isn’t just organizing interviews. He’s also taking aim at the Fed’s authority. Writing in the Wall Street Journal, he called for a full nonpartisan review of how the Fed operates.
That includes monetary policy, staffing, regulation, and how it communicates with the public. He argued that the Fed should stop overseeing banks and pull back on actions that affect markets, like bond buying in non-emergency situations.
In a separate article published in The International Economy, Scott went further, claiming the Fed has been responsible for worsening inflation, helping the wealthy while hurting working-class Americans, and making housing more expensive.
He also accused the central bank of misusing taxpayer money, citing expenses like renovations and its internal police. These are all claims the Fed has denied, but Scott insisted that his goal is to restore independence at the institution.
This all happens as Powell, originally appointed in 2018, faces pressure from Trump to step aside. Trump has repeatedly said Powell should have slashed rates this year and pushed his allies into key positions inside the Fed to make that happen. The three finalists — Hassett, Waller, and Warsh — are seen as more aligned with Trump’s views on interest rates and economic management.
Cook fights removal while Miran pledges unpaid leave
Trump’s actions aren’t limited to Powell. He’s also trying to remove Lisa Cook, another Fed governor, after accusing her of mortgage fraud. Lisa denies the charges and is taking legal action to block the move.
For now, she remains in her position. The White House has not commented on how that process will move forward, but Trump appears determined to push her out.
Meanwhile, Trump’s pick to fill an actual vacant Fed seat, Stephen Miran, testified this week at his nomination hearing. He told the Senate that he would take unpaid leave from his role as economic advisor at the White House if confirmed.
That move is meant to avoid conflicts of interest, though Democrats have questioned whether that’s enough. They argue that anyone closely tied to the president may still lack the independence expected of Fed officials.
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