Trump says Treasury Secretary Bessent 'does not want' to be Fed chair, but 4 others in running

President Donald Trump told CNBC on Tuesday that he has narrowed the field of potential future Federal Reserve chairs to four candidates, a list that does not include Treasury Secretary Scott Bessent.

While the president did not disclose who is in contention, he revealed that Bessent, previously considered a leading candidate, has taken himself out of contention.

“Well, I love Scott, but he wants to stay where he is,” Trump said during a “Squawk Box” interview. “I asked him just last night, 'Is this something you want?' [Bessent said], 'Nope, I want to stay where I am. He actually said, 'I want to work with you.' It's such an honor. I said, 'That's very nice. I appreciate that.'”

The news follows Fed Governor Adriana Kugler's surprise announcement Friday that she is resigning effective this Friday. The move allows Trump to install another of his appointees to the Fed Board of Governors at a time when the White House is aggressively pushing the central bank to lower interest rates.

Among the likely candidates remaining are former Governor Kevin Warsh and Kevin Hassett, the National Economic Council director and a key Trump advisor. Both have advocated for lower rates.

“Both Kevins are very good, and there are other people that are very good, too,” Trump said, adding that Kugler's resignation “was a pleasant surprise.”

Current Chair Jerome Powell's term ends in May 2026. He has been a frequent target of Trump's criticism, and there has been speculation that the president would name a “shadow chair” who could help undermine Powell until his term expires. Trump did not commit to taking that approach but conceded that it is “a possibility.”