- Christopher Waller confirmed his interview for the Fed Chair role, focusing on monetary policy and digital finance innovation.
- The shortlist includes Waller, Bowman, Warsh, Hassett and Rieder, combining Fed experience with private-sector expertise.
- President Trump plans to announce the new Fed Chair by year-end after further interviews and recommendations from Bessent.
U.S. Treasury Secretary Scott Bessent has confirmed that five finalists are being considered to succeed Jerome Powell as Chair of the Federal Reserve. Speaking to reporters aboard Air Force One, Bessent said the decision would be finalized by year-end. President Donald Trump is expected to make the announcement after another round of interviews in late November. Powell’s current term ends in 2025, though his tenure as a Fed governor extends to 2028.
Waller Confirms Interview, Discusses Process
Among the shortlisted candidates is Federal Reserve Governor Christopher Waller, who confirmed he recently interviewed with Secretary Bessent. Speaking about the discussion, Waller said the meeting lasted nearly two hours and focused on monetary policy, the economy, and the Fed’s balance sheet. He described it as an engaging conversation centered on core economic issues.
When asked about his interest in the position, Waller stated he would serve if selected by the president. He added that the interview covered topics he enjoys discussing, including payments and financial system operations. Waller’s recent remarks at the Federal Reserve Payments Conference further highlighted his growing influence, especially his support for digital finance innovation.
The Five Contenders and Their Backgrounds
According to Bessent, the finalists include two current Fed governors, a former board member, and two private-sector executives. Besides Waller, the list features Vice Chair for Supervision Michelle Bowman, former Fed Governor Kevin Warsh, White House National Economic Council Director Kevin Hassett, and BlackRock executive Rick Rieder.
Bowman joined the Fed Board in 2018 and took on her current role in 2025, focusing on supervisory oversight. Warsh, who served from 2006 to 2011, was a key figure during the 2008 financial crisis. Hassett currently leads the National Economic Council and previously chaired the Council of Economic Advisers. Meanwhile, Rieder manages BlackRock’s global fixed-income division and serves on several financial advisory boards.
Bessent said he plans to hold another round of discussions after Thanksgiving before presenting recommendations to President Trump. He added that the goal is to provide the president with a “strong slate” of options for final consideration.
Market Focus Turns to Policy Direction
The next Fed Chair will oversee a 14-year term beginning February 1, following Senate confirmation. Lawmakers are expected to question the nominee’s stance on inflation, employment, and central bank independence. Powell’s leadership has recently drawn criticism from Trump for not lowering interest rates faster.
Policymakers are expected to cut rates by 25 basis points at the October 29 meeting. However, the upcoming appointment could influence future monetary policy and broader financial market sentiment. As discussions progress, the decision is being closely watched by both investors and policymakers awaiting the next phase of U.S. monetary leadership.
