Scott Bessent Considered as Potential Successor to Fed Chair Jerome Powell, Alongside Kevin Warsh
Key Points:
- Advisors are reportedly backing Scott Bessent to succeed Jerome Powell as Federal Reserve Chair.
- Kevin Warsh remains a leading contender for the role.
- Donald Trump has indicated he will soon reveal his choice for the next Fed Chair.
Scott Bessent, currently U.S. Treasury Secretary, is being discussed as a possible replacement for Jerome Powell as Chair of the Federal Reserve, according to sources. This follows President Donald Trump’s announcement that he will soon name Powell’s successor.
A Bloomberg report revealed that several advisers, both within and outside the Trump administration, are advocating for Bessent’s appointment. While Kevin Warsh continues to be a strong candidate, Bessent’s potential candidacy adds a new dimension to the decision-making process.
Though Warsh was previously interviewed for the Treasury Secretary position last November, the role ultimately went to Bessent. Formal interviews for the Fed Chair post reportedly haven’t yet taken place. Trump has previously expressed high regard for Warsh when asked about potential replacements for Powell.
However, the White House has dismissed Bloomberg’s report, stating there are no current plans to replace Powell with Bessent.
Powell’s term officially ends in May 2026, and despite ongoing criticism from Trump—especially over interest rate policies—it’s seen as unlikely that Powell will be dismissed early. Trump has recently called on the Fed to lower rates by 100 basis points.
Other potential candidates include Judy Shelton, who has a 19% chance of being appointed according to Polymarket predictions. Still, there’s a 52% likelihood that Trump won’t name a new Fed Chair before the end of 2025.
