Scott Bessent Plans Interviews to Replace Fed Powell!

The race to replace Federal Reserve Chair Jerome Powell has officially begun, with Treasury Secretary Scott Bessent confirming that interviews for potential successors will start around September 1. 

Powell’s term is set to end in May 2026, but the administration is moving early to shape the future of U.S. monetary policy. 

With 11 names under consideration, the decision is being closely watched by investors, policymakers, and global markets.

Bessent Confirms Fed Chair Interview Process

In a recent interview, Bessent outlined the timeline for the selection process. He stated that he would begin meeting with candidates right before or just after Labor Day, with the goal of narrowing the list to present to President Trump. 

Bessent described the pool as “an incredible group,” including current Fed governors, former members, economists, and private-sector experts.

While Bessent himself was once rumored as a contender, he has been ruled out after Trump confirmed he would remain Treasury chief.

Read Also: Which Jackson Hole Announcements Will Reshape the World Economy?

Who Is in the Running?

Although no official shortlist has been released, media outlets and analysts have pointed to a mix of central bankers and economic strategists. Among those mentioned are:

• Fed Governors Michelle Bowman and Christopher Waller

• Former Fed Governor Kevin Warsh

• National Economic Council Director Kevin Hassett

• Former St. Louis Fed President James Bullard

• Economist Marc Sumerlin

• Market strategists including Rick Rieder and David Zervos

This wide range of candidates underscores the administration’s effort to weigh both institutional experience and fresh market perspectives.

Why the Fed Chair Pick Matters

The replacement of Powell comes at a critical moment. The White House has repeatedly pressed for deeper interest rate cuts, arguing that such moves could boost housing markets and broader economic growth. However, Fed officials remain cautious, balancing inflation risks against the push for more aggressive easing.

The upcoming decision will influence:

• Monetary policy direction through 2026 and beyond

• Investor confidence in U.S. markets

• Global economic outlook, as the Fed’s policies ripple worldwide

Read Also: Bitcoin Volatility Rises as Fed Rate Cut Hopes Fade

Market Anticipation Ahead of Jackson Hole

Before interviews begin, Powell is scheduled to speak at the annual Jackson Hole symposium. 

His remarks are expected to provide clues about the Fed’s approach to interest rate policy in the coming months. 

For many, it could serve as a parting message from a chair whose leadership has drawn both praise and criticism.

Conclusion

The start of interviews marks a pivotal moment for the future of the Federal Reserve. Scott Bessent’s role in narrowing the candidates for Fed Chair reflects the administration’s urgency to align monetary policy with its broader economic goals. 

With 11 contenders in the mix and Powell’s final term winding down, the outcome of this process will shape U.S. economic strategy for years to come.

For more in-depth crypto market updates and predictions, check out the latest posts on the Bitrue blog, or explore trading directly on Bitrue’s platform.

FAQ

When does Jerome Powell’s term as Fed Chair end?

His current term runs until May 2026.

Who is leading the interview process?

Treasury Secretary Scott Bessent will oversee the candidate interviews.

How many candidates are under consideration?

Bessent confirmed there are 11 strong candidates.

Why is the selection process starting early?

The administration seeks to influence future monetary policy, especially regarding interest rate cuts.

Is Bessent himself a candidate for Fed Chair?

No, he has been ruled out after being confirmed to remain as Treasury Secretary.