(MENAFN) The pool of contenders for the next Federal Reserve chair has been trimmed from 11 to five, Treasury Secretary Scott Bessent has confirmed, according to a media report citing senior Treasury officials.

The shortlist features two current Federal Reserve 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 Fixed Income Chief Investment Officer.

In the coming weeks, each finalist will undergo additional interviews led by Bessent, with participation from two senior Treasury and two senior White House officials. Following this vetting process, the final selection will be presented to President Donald Trump, who will have the decisive authority.

The chosen candidate is expected to first be nominated as a Fed governor before taking on the chairmanship. Jerome Powell, the current Fed Chair whose term ends in May, will remain a governor for an additional two years. Notably, the seat currently occupied by outgoing Fed Governor Adriana Kugler—held by Stephen Miran—expires in January, opening the opportunity for the new chair to secure a full 14-year term as governor.

Sources, however, emphasized that alternative options remain under consideration and the final plan is still evolving.

Of the five candidates, only Rieder and Bowman represent fresh proposals to the White House, as President Trump has already identified Warsh, Hassett, and Waller as potential picks.

This development marks a critical step in the race to lead the Federal Reserve amid ongoing economic challenges.

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