Presidents typically announce their nominees for Fed chair three to six months before the sitting person’s term expires, quietly navigating Senate confirmation hearings while minimizing market disruption.

US President Trump has been vocal with his criticism of Federal Reserve Chair Jerome Powell. US Treasury Secretary Scott Bessent is reportedly among the candidates Trump is considering to replace Powell at the end of his term as chairman in May 2026.

A growing chorus of advisers inside and outside the Trump administration are pushing another name to serve as the next chair of the Federal Reserve: Treasury Secretary Scott Bessent.