(MENAFN) The roster of contenders for the upcoming Federal Reserve chair role has been trimmed from 11 to five individuals by Treasury Secretary Scott Bessent.

According to a news agency, which referenced senior officials from the Treasury Department, this decision follows a sequence of interviews.

Among the final five candidates are two current Federal Reserve leaders: Governor Christopher Waller and Vice Chair for Supervision Michelle Bowman.

The shortlist also includes Kevin Hassett, the leader of the National Economic Council; former Fed Governor Kevin Warsh; and Rick Rieder, the Chief Investment Officer of Fixed Income at BlackRock.

In the coming weeks and months, the Treasury plans to conduct a second round of interviews with each of these five contenders.

These meetings will be led by Bessent and will include the participation of two top Treasury representatives and two senior officials from the White House.

Following this process, President Donald Trump will make the ultimate decision once he receives a final list from the secretary.

The chosen candidate is anticipated to first be appointed as a Fed governor, and later as the Federal Reserve chair.

Current Chair Jerome Powell, whose term concludes in May, is set to remain a governor for an additional two years. The seat currently occupied by Stephen Miran, previously held by outgoing Fed Governor Adriana Kugler, will expire in January.

This creates an opportunity for the incoming Fed chair to be nominated to a complete 14-year term as governor.

Nevertheless, the insiders mentioned that other strategies remain possible, and the proposed plan has not yet been finalized.

MENAFN11102025000045017167ID1110181223