Trump Confirms Bessent Out of Fed Chair Running, Names Four Candidates

WASHINGTON, Aug. 5, 2025 — President Donald Trump announced that Treasury Secretary Scott Bessent is no longer in consideration to replace Jerome Powell as chair of the Federal Reserve.

In a CNBC interview on Tuesday, Trump explained that he had spoken with Bessent the night before. “I asked him just last night, ‘Is this something you want?’ He said, ‘Nope, I want to stay where I am,’” Trump said. “I love Scott, but he wants to stay where he is.”

Trump mentioned that he is now considering former Fed governor Kevin Warsh, top White House economist Kevin Hassett, and two unnamed individuals for the chair position. “I’m going to be announcing that very shortly,” Trump stated.

This comes after Fed Governor Adriana Kugler resigned last Friday, creating an opening for Trump to fill. The President indicated that whoever he selects to replace Kugler will only serve for approximately four months.

Trump noted that his choice for the new Fed governor could potentially be his candidate for Fed chair when Powell’s term concludes next year. “Both Kevins are very good, and there are other people that are very good, too,” he added.

Hassett revealed on Monday that Bessent is helping lead Trump’s search for a new Fed chair. In addition to his Treasury role, Bessent has been engaged in trade negotiations, recently traveling to Sweden to meet with Chinese officials regarding tariff discussions.

With a deadline approaching on August 12 for extending tariff rates, Bessent is pivotal in these negotiations. If an agreement is not found, tariffs on goods between the two countries could increase significantly.

This story is developing and will be updated as new information becomes available.