Tue Aug 05 13:00:00 UTC 2025: **Summary:**

President Trump stated that Treasury Secretary Scott Bessent is no longer being considered for Federal Reserve Chair. Trump, who has been critical of current Fed Chair Jerome Powell for not lowering interest rates, is now considering Kevin Warsh, Kevin Hassett, and two other unnamed individuals. Trump is also looking to fill the recently vacated Fed governor position, suggesting the temporary appointee could be a potential candidate for Fed Chair when Powell’s term expires. His criticisms of Powell and advocacy for lower rates raise concerns about political interference in the Fed’s independence. Meanwhile, Bessent is involved in trade negotiations with China amid an upcoming tariff deadline.

**News Article:**

**Trump Names New Fed Chair Candidates, Bessent Out of the Running**

WASHINGTON – President Donald Trump has announced that Treasury Secretary Scott Bessent is no longer in consideration to replace Jerome Powell as Federal Reserve Chair. In an interview with CNBC, Trump stated Bessent prefers to remain in his current role.

Trump, who has repeatedly criticized Powell for not lowering interest rates and has publicly called him names, revealed he is now considering former Fed governor Kevin Warsh, top White House economist Kevin Hassett, and two other, as yet unnamed, individuals for the position.

“I love Scott, but he wants to stay where he is,” Trump said.

Trump also announced he will be imminently filling the vacant Fed governor position left by Adriana Kugler, stating the appointee will serve a temporary four-month term. He hinted that this temporary appointee could be a potential candidate for Fed Chair when Powell’s term expires next year.

Trump’s persistent criticism of the Fed and his vocal advocacy for lower interest rates have sparked concerns about political interference in the central bank’s independent decision-making. Lower rates could provide a short-term boost to the economy by making mortgages and loans more affordable but risk inflation.

This announcement comes as Bessent continues to spearhead critical trade negotiations. He recently met with Chinese trade officials in Sweden to discuss extending current tariff rates, with a key deadline looming on August 12th. The outcome of these negotiations and the impending decision on the Fed Chair position remain closely watched as they are likely to have significant economic implications.

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