A growing team of consultants, both inside and outside the Trump government, promotes a new name for the next position president of the federal bank (Fed) of the US: Finance Minister Scott Bessed.
President Donald Trump said on Friday (6.6.2025) that he would appoint a successor “very soon” to replace Jerome Powell, whose term of office as Fed’s president expires in May 2026.
The small list of candidates examined includes Kevin Wars, a former Fed official, with whom Trump interviewed the role of Finance Minister in November, according to Bloomberg.
However, Bessed – who leads Trump’s attempt to boost the American economy with sweeping changes in trade, taxes and regulations – is also now one of the candidates for the post, people who know the matter said. The official interviews for the post have not started, they said two of the people.
“I have the best job in Washington,” Bessed said in response to a commentary request. “The president will decide who is the best for the economy and the American people.”
As head of the Ministry of Finance, Bessed would have played a traditionally key role in the search and interview process for the next Fed president. It is not clear whether it will be self -executed, as Trump begins to make his decision.
“Given the degree of confidence and confidence that the global financial community has in Scott Besed, he is an obvious candidate,” said Tim Adams, chairman and chief executive of the Institute of International Finance, adding that he was also a Board of Directors. Asked about Worshi on Friday, Trump said: “They appreciate him very much.”
Bessed is at the forefront of the negotiations on a US -China trade agreement, undoubtedly the most important of the consonants the president seeks to forge in his attempt to reshape the global commercial landscape.
“Scott Bessed proved that he could implement President Trump’s agenda during an incredibly hectic first semester,” said Steve Bannon, a former head of the White House and the president’s external adviser. “It’s not just the cabinet’s star, but a safe pair of hands for the world capital markets.”
The president, who for the first time proposed Powell for this post in 2017, has regularly complained that the Fed chief was very reluctant to reduce the cost of borrowing. Trump pressed Powell to reduce interest rates at a White House meeting last month.
Powell and Fed officials have consistently maintained interest rates in 2025, arguing that a patient approach to policy is suitable amid economic uncertainty caused by the expanded and evolving use of duties by Trump. Fed policymakers have said they expected that the duties announced would burden economic growth and boost inflation.
Whoever confirms the Senate for this position should prove to the world that Fed’s independence from political involvement remains intact. Trump has said many times that Powell is making a mistake that does not reduce interest rates and has stated in the past that he should have a reason to rates on interest rates, raising questions about whether markets will consider that the next chosen will be obliged.
Bessent or Warsh “would take the advantage of doubt by the financial community” that they would maintain the independence of the Fed’s power to determine interest rates, Adams of IIF said.
Trump’s economist and ally, Arthur Lafffer, said Bessed “is wonderful but already has a job. And his specialty is not monetary policy. As I said to the president, I think Kevin Wars is the ideal for the position. “
Other candidates, whose names have previously been heard for the Fed presidency, include Kevin Hasset, director of the White House National Economic Council, Christopher Waller, Commander of the Fed, and former World Bank President David.