Kevin Hassett, the White House National Economic Council Director, has reportedly emerged as the frontrunner to succeed Jerome Powell as the next Federal Reserve chair, according to advisers and allies of U.S. President Donald Trump.

According to a Bloomberg News report, Treasury Secretary Scott Bessent has been on the selection process since the summer to replace Powell and has been interviewing nearly a dozen candidates that have now been finalized to five contenders, namely Hassett, ex-Fed official Kevin Warsh, current central bank governor Christopher Waller, Fed Vice Chair for Supervision Michelle Bowman, and BlackRock Inc.'s Rick Rieder.

The report added that Bessent noted these interviews with the candidates will end this week, and a group of finalists will soon meet with White House Chief of Staff Susie Wiles and Vice President JD Vance.

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