Trump admin has ‘lot of good candidates’ to replace Fed Chair Jerome Powell: Bessent
New York PostJUL 1
Trump Rules Out Bessent for Fed Chair
Above: Scott Bessent at the U.S. National Day ceremony at the Osaka Expo, Japan on July 19, 2025. Image copyright: Buddhika Weerashinghe/Bloomberg/Getty Images
The Spin
Pro-Trump narrative
With Secretary Bessent preferring to stay put at Treasury, Trump is narrowing his Fed chair shortlist to four strong candidates. Rising favorites Kevin Hassett and Kevin Warsh offer fresh leadership ready to challenge Powell’s cautious approach, while current Fed Governors Christopher Waller and Michelle Bowman bring valuable experience. With Trump planning a swift nomination, this is a clear chance to shift Fed policy toward growth and responsiveness, finally putting American workers first.
Anti-Trump narrative
Trump's chance to reshape the Fed faces major hurdles. While Kugler's early resignation opens a rare door, Senate confirmation of a new governor — and especially a future chair — is unlikely before the Fed's September meeting, delaying any immediate impact. Appointing a new chair requires multiple Senate approvals, and partisan opposition could slow or block nominees altogether. These obstacles raise serious concerns about whether the Fed can remain independent and make decisions free from political pressure.