U.S. Treasury Secretary Mnuchin: Will submit the nominee for Federal Reserve Chair to Trump in December.

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On Wednesday, U.S. Treasury Secretary Scott Bessent stated that he will submit a list of candidates for the next Federal Reserve Chair to President Trump in December this year. "We expect to submit three to four candidates to the president for interviews after Thanksgiving, during December."

Bessent revealed that the initial pool of 11 interviewees has been narrowed to 5. According to previous media reports, these five include: current Federal Reserve Vice Chair for Supervision Michelle Bowman, current Fed Governor Christopher Waller, current Director of the National Economic Council Kevin Hassett, former Fed Governor Kevin Warsh, and BlackRock executive Rick Rieder.

Bessent said that Trump's decision-making style has always been to "listen to a wide range of opinions," consulting "dozens if not hundreds of people" before making a final decision.

Bessent also reiterated that he himself will not be one of the Fed Chairman candidates. He is currently leading the selection process to find a successor for the incumbent Chair Jerome Powell, whose term ends in May 2026.

Currently, the selection process for the next Fed Chair puts candidates in a delicate balance: they need to show Trump their willingness to support significant rate cuts, while also convincing the markets that they have sufficient economic expertise and can maintain relative independence.

Trump has repeatedly criticized Powell for "cutting rates too slowly" and has said he hopes the Fed will lower rates by 3 percentage points. However, investors are concerned that such an aggressive policy could trigger turmoil in the bond market and a surge in inflation.

Bessent did not directly answer whether candidates must support rate cuts, stating only that his two main selection criteria are: "First, whether you maintain an open mind; second, what your assessment of the current situation is."

He added, "The Fed is a large and complex institution, involving payment systems and regulatory affairs, so candidates must also possess certain managerial capabilities."

The new Fed Chair is expected to be appointed as a Fed governor for a 14-year term, starting in early 2026. At the same time, Trump is also seeking to replace current Fed Governor Lisa Cook, on the grounds that she is alleged to have committed mortgage fraud. The U.S. Supreme Court has scheduled a hearing on the case for January next year, but Cook may remain in her position during the proceedings.

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