OAN Staff Blake Wolf and Brooke Mallory
5:38 PM – Monday, August 11, 2025
U.S. Treasury Secretary Scott Bessent has disclosed that he is evaluating a shortlist of three candidates to assume the role of Federal Reserve chair when the position becomes vacant next year.
While Bessent did not openly identify the contenders, the selection process is expected to be closely watched by financial markets, as the choice could shape U.S. monetary policy for years to come.
The new chair will inherit a complex economic landscape, balancing inflation management, interest rate strategy, labor market stability, and global financial risks — decisions that will carry significant implications for both domestic and international economic conditions.
According to two unidentified Trump administration officials who reached out to Bloomberg, despite Bessent not openly identifying the contenders, the sources claimed that Federal Reserve vice chairs Michelle Bowman and Philip Jefferson are under consideration for the position, as well as Dallas Fed President Lorie Logan.
Trump economic advisor Kevin Hassett, Fed Governor Christopher Waller, economist Marc Sumerlin, and former Fed officials Kevin Warsh and James Bullard are also under consideration as well, the report added.
Bessent is reportedly set to conduct interviews with several additional candidates over the coming weeks as part of a comprehensive and methodical selection process for the next Federal Reserve chair.
The thorough vetting reflects the administration’s commitment to identifying a leader capable of navigating possible complex economic challenges in the future. President Trump is anticipated to carefully review the recommendations before making a formal announcement regarding his choice in the fall.
Additionally, this forthcoming appointment is widely regarded as a pivotal moment that will shape the direction of the Federal Reserve and influence economic strategy for years to come.
“It’s someone who has to have the confidence of the markets, the ability to analyze complex economic data,” Bessent said, explaining his ideal candidate. “And it’s also someone who wants to be, I think, very attuned to forward thinking, as opposed to relying on historical data,” he continued.
Meanwhile, President Trump has consistently been critical of current Fed Chair Jerome Powell for refusing to lower interest rates.
“Jerome ‘Too Late’ Powell, a stubborn MORON, must substantially lower interest rates, NOW. IF HE CONTINUES TO REFUSE, THE BOARD SHOULD ASSUME CONTROL, AND DO WHAT EVERYONE KNOWS HAS TO BE DONE!” Trump wrote in a social media post at the beginning of the month.
In response, Powell has argued that the Fed is taking a cautious approach to cutting interest rates, partially due to the “introduction of new tariffs.” Powell also claimed that cutting rates too soon could lead to an increase in inflation, stressing the importance of making the decision “right on time.”
Any future nominations to install an outsider on the board or elevate a governor to chair will require confirmation from the Senate.
Possible Candidates:
Philip Jefferson
Jefferson was nominated by President Joe Biden and confirmed as a Federal Reserve Governor in 2022, and he was appointed Vice Chair of the Federal Reserve Board in 2023. Jefferson is generally seen as supportive of a cautious approach to interest rates, favoring maintaining or gradually adjusting rates to manage inflation and employment. This contrasts with President Trump’s public preference for lower interest rates.
Michelle Bowman
She is currently Vice Chair for Supervision of the Federal Reserve Board of Governors. She assumed this position on June 9, 2025, after being nominated by President Donald Trump on March 24th and confirmed by the Senate on June 4th. Bowman has served as a member of the Federal Reserve Board of Governors since November 26, 2018, filling an unexpired term. She was reappointed in January 2020 for a full term ending January 31, 2034. Before her tenure at the Federal Reserve, Bowman was the Kansas State Bank Commissioner from January 2017 to November 2018. She also held senior positions at the Federal Emergency Management Agency (FEMA) and the Department of Homeland Security during the George W. Bush administration.
Lorie Logan
Logan was appointed President of the Federal Reserve Bank of Dallas in 2022 by the bank’s board of directors. She is viewed as supporting a firm stance on interest rates, consistent with the Fed’s efforts to maintain rates at levels that address inflation concerns.
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