Trump’s Next Fed Chair Pick Revealed

Treasury Secretary Scott Bessent has confirmed that the Trump administration is narrowing its search for the next Federal Reserve chair, a position that will open next year as Jerome Powell’s term expires in May.

According to sources, two current Fed vice chairs — Philip Jefferson and Michelle Bowman — as well as Dallas Federal Reserve President Lorie Logan are among the top contenders. All three are expected to undergo further evaluation in the coming weeks as Bessent leads the selection process. President Donald Trump is anticipated to make his final decision and public announcement this fall.

Additional names reportedly under consideration include Trump economic adviser Kevin Hassett, economist Marc Sumerlin, and former Fed officials Kevin Warsh and James Bullard.

President Trump has long been critical of Powell’s refusal to aggressively cut interest rates to stimulate economic growth. While Powell’s current term ends next May, he could continue serving as a Fed governor until 2028 if not replaced.

Bowman, who was appointed to the Federal Reserve by Trump in 2018, has supported modest rate cuts, including a quarter-point reduction during her tenure as vice chair. Jefferson, appointed by Joe Biden in 2022 and elevated to vice chair in 2023, would become the first Black Fed chair in history if selected, and has generally favored holding rates steady. Logan, chosen by the Dallas Fed’s board in 2022, has also backed maintaining current interest rate levels.

With the economy, inflation, and interest rates front and center for American families, Trump’s choice could shape the direction of U.S. monetary policy for years to come — and signal a decisive shift away from the Powell era.