Scott Besent has narrowed the field of candidates to head the Federal Reserve to five finalists for Trump

Names of the Minister of Treasury Scott Besant The radar for leadership of the world’s most powerful central bank is beginning to appear on the horizon.

Bessent, who has been interviewing candidates since Labor Day, is down to five candidates, senior Treasury officials confirmed to FOX Business’ Edward Lawrence.

When the list is narrowed down to three or four finalists, then the president is in charge, a source familiar with the process said Donald Trump You will participate in decision making.

A look at the ongoing battle between Trump and Powell over Federal Reserve policy

Trump criticized the Federal Reserve Chairman Jerome Powell For not moving quickly enough to lower interest rates, they accused him of playing politics, which Powell denied.

In recent months, the president has intensified the pressure campaign, publicly berating Powell and using personal insults to express his frustration with the Fed’s decisions.

Trump previously considered firing Powell, whom he nominated for the current position in 2017, but ultimately backed down. Powell’s term as head of the central bank continues until May 2026.

Here’s a look at who could become the country’s next Fed head.

Michelle Bowman

Michelle Bowman serves as the Federal Reserve’s Vice Chair for Supervision, a role that places her at the top of the Fed’s regulatory agenda and central bank supervision. This position aligns closely with Trump’s priorities, especially his focus on reducing waste, fraud, and regulatory burdens.

Besant explains the qualities he looks for as he vets Trump’s Fed shortlist

Bowman, who largely votes with Powell, recently broke with him and called for lower interest rates.

If nominated and confirmed by Congress, Bowman will become the second woman to head the central bank. Janet Yellen She was the first woman to hold this role.

Christopher Waller

Christopher Waller, a member of the Federal Reserve Board of Directors, has repeatedly called for lower interest rates, a move that partly aligns with Trump’s demands.

Waller cited slowing consumer spending and labor market gains, and settled on reasons for lowering interest rates. Addressing Trump commerce blitz, Waller said the Fed should “consider the effects of tariffs,” adding that the impact on inflation rates would be temporary.

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Among Trump’s potential nominees to succeed Powell, Waller is considered the group’s veteran academic. He also reiterated the importance of maintaining an independent Fed.

Like Bowman, Waller largely voted with Powell. He echoed the importance of maintaining an independent Fed.

Kevin Hassett

Kevin Hassett, Trump’s chief economic adviser, has been a staunch advocate of Trump’s economic agenda and currently serves as director of the White House National Economic Council.

Hassett served in two roles during Trump’s first administration and advised Trump Economic policy During the 2024 presidential campaign.

Trump replaces names for Fed seat; Still looking for a permanent appointment

Trump previously described Hassett as “fantastic” when reporters asked him if he could succeed Powell. However, Trump told CNBC during an August 5 interview that he also thought Hassett’s opponent, Kevin Warsh, was also “very good.”

“Sometimes they’re all very good, until you put them out there, and then they don’t do so well,” Trump said. “I think he’s a very good guy. I would say Kevin and Kevin, they’re both very good.”

Kevin Warsh

Kevin Warsh ascended to the Fed’s Board of Governors in 2006. At the time, the former Morgan Stanley banker was the youngest person to join the Fed’s board.

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He was among the leading candidates to replace Yellen in 2018 before Trump eventually appointed Powell to the position. Most recently, the former Morgan Stanley banker was considered a top pick for Treasury secretary in the second Trump administration before Besent’s nomination.

Warsh, who resigned from the Fed in 2011, was widely known as the Fed’s main liaison with Wall Street during the 2008 financial crisis. He also served as an economic adviser to former President George W. Bush.