(MENAFN) Treasury Secretary Scott Bessent has reportedly reduced the list of potential candidates for the next Federal Reserve chair from 11 to five following a series of interviews, according to senior Treasury officials cited in reports on Friday.

The remaining candidates include two current Fed officials—Governor Christopher Waller and Vice Chair for Supervision Michelle Bowman—alongside Kevin Hassett, head of the National Economic Council; former Fed Governor Kevin Warsh; and Rick Rieder, BlackRock’s chief investment officer for fixed income.

The Treasury plans to interview each of the five candidates again in the coming weeks. Bessent will lead the interviews, which will also involve two senior Treasury officials and two senior White House officials.

President Donald Trump will make the final decision after receiving a shortlist from the secretary. The chosen candidate is expected to be first nominated as a Fed governor and then as Fed chair.

Outgoing Fed Chair Jerome Powell’s term expires in May, though he remains a governor for two more years. The seat currently held by outgoing Fed Governor Adriana Kugler expires in January, allowing the incoming Fed chair to take a full 14-year governor’s term.

Sources noted that alternative options remain under consideration, and the final plan is still subject to discussion. Among the five, only Rieder and Bowman are new suggestions for the White House, while Warsh, Hassett, and Waller had already been identified as potential candidates.

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