Trump Rules Out Federal Reserve Chair Candidate

President Donald Trump revealed that he's narrowed his options of candidates for the Federal Reserve chair to four candidates, but ruled out Treasury Secretary Scott Bessent among the options.

“I love Scott, but he wants to stay where he is,” Trump told CNBC's Squawk Box on Tuesday (August 5). “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.’”

“He’s doing a really good job. We made the greatest trade deals in the history of our country. We had to because we were being ripped off by the world,” he added of Bessent.

Bessent had long been considered to be a possible successor to Federal Reserve Chair Jerome Powell once Powell's term ends in May 2026. Trump has dissented from Powell for his reluctance to slash interest lates, describing him as "too late" and highly political," however, not firing him prior to the conclusion of his term.

“In the end, there are numerous people that are qualified. Everyone on your phone right now, in terms of at your beautiful studio would be very qualified in my opinion,” Trump said about replacing Powell. “You guys are better than most of the people that do it for a living.”

Powell, a Republican, was initially nominated by Trump during his first presidential term in 2017 and re-nominated by former President Joe Biden in 2021.