The president spoke to reporters about the announcement at the premiere of “Melania,” the film about first lady Melania Trump. Friday’s announcement will end a months-long selection process that has fueled debate over the future direction of the country’s central bank.
The candidates for chairman of the Federal Reserve
Trump has considered four final candidates to lead the Federal Reserve: National Economic Council DirectorKevin Hassett Federal Reserve Governor Christopher Waller, former Federal Reserve Governor Kevin Warsh, and black rock Executive Rick Rieder.
US Secretary of the Treasury Scott Bessent has been overseeing the search since the summer and helped narrow down a broader list of candidates. Trump had previously said he would announce his pick next week, but later suggested the timeline had been moved up.
The candidate would be named first governor of the Federal Reserve. The incoming governor will begin a 14-year term on February 1, succeeding Stephen Miran, who took the position following the resignation of Adriana Kugler in August 2025.
The nominee could face tough Senate confirmation after the Justice Department issued grand jury subpoenas as part of an investigation into Federal Reserve Chairman Jerome Powell, sparking bipartisan criticism. Sens. Thom Tillis (R-N.C.) and Elizabeth Warren (D-Mass.) accused President Trump of using the investigation to pressure Powell to resign and exert political control over the central bank.
Tillis, a Republican member of the Senate Banking Committee, has vowed to block any Federal Reserve nominee until the Justice Department completes its investigation. Powell’s term as chairman expires in May, but he could remain on the Fed board until 2028.
For a time, Hassett was the favorite for the job, but Trump later said he prefers Hassett remain in his position on the National Economic Council. Hassett has also faced criticism after defending the Justice Department investigation as routine oversight, with economists questioning his comments as “inappropriate” for a future central bank leader.
Trump’s announcement would mark a new phase in his long-running standoff with the Federal Reserve over rate policy. The president and his allies have repeatedly pressured Powell to reduce borrowing costs more aggressively and have even called for Powell to resign.
On Wednesday, the Federal Reserve left rates unchanged after three consecutive cuts late last year.
