More and more internal and external advisors within the Trump administration are recommending another candidate for the next Federal Reserve Chair: Treasury Secretary Scott Bessent, who is currently leading trade and economic negotiations.

Last Friday, Trump stated that he would announce “soon” who will replace Jerome Powell when his term ends in May 2026. There are few names under consideration, including former Fed official Kevin Warsh, whom Trump interviewed for the Treasury Secretary role back in November.

However, according to informed sources, Bessent—who has been tasked by Trump with revitalizing the U.S. economy through a sweeping overhaul of trade, taxation, and regulation—has now become a contender for the Fed Chair position. Two individuals familiar with the matter, speaking on condition of anonymity, said formal interviews have not yet begun.

As Treasury Secretary, Bessent would typically play a key role in the selection and interview process for the next Fed Chair. It remains unclear whether he will recuse himself during Trump’s decision-making process.

The White House later responded, stating: Reports suggesting that Treasury Secretary Bessent is being considered as a candidate for the next Federal Reserve Chair are not accurate.