The ultimate top five candidates for the "changing of the guard" at the Federal Reserve are announced! Trump's confidants and Wall Street tycoons are among the nominees.

US Treasury Secretary Besent confirmed on Monday the final list of five candidates to replace Federal Reserve Chairman Powell. Besen revealed that the list of candidates has been narrowed down to five individuals, including current Federal Reserve Board members Christopher Waller and Michelle Bowman, former Federal Reserve Board member Kevin Warsh, White House National Economic Council Director Kevin Hassett, and BlackRock executive Rick Rieder. Responsible for leading the selection process, Besent reiterated that he plans to conduct a new round of interviews and expects to submit a "quality candidate list" to Trump after the Thanksgiving holiday. Trump himself also indicated that he expects to finalize the nomination by the end of the year. Meanwhile, in an interview, Trump once again criticized Powell for not cutting interest rates significantly, hindering US economic growth. Investors and Federal Reserve watchers are closely monitoring the process of replacing Powell. Powell's term as Federal Reserve Chairman will end in May next year. Given Trump's attempts to exert more influence on the central bank and its interest rate decisions, this personnel change is receiving significant attention. Here is a detailed introduction to the five candidates for Federal Reserve Chairman. Kevin Hassett Hassett currently serves as the Director of the White House National Economic Council and is one of Trump's key advisors and close allies. He previously worked as an economist at the Federal Reserve and served as Research Director at the American Enterprise Institute. In matters related to the Federal Reserve, Hassett is highly aligned with Trump's position. Earlier this year, when Federal Reserve policymakers kept interest rates unchanged for several months, Hassett echoed Trump's criticism of Powell, accusing the Federal Reserve of being "behind" in cutting rates. He also stated that the Federal Reserve's actions were putting its independence and credibility at risk, echoing Besent's earlier criticism of the Federal Reserve's "overstepping its mandate." Chris Waller Waller has been a Federal Reserve Governor since 2020, appointed by Trump. He has long advocated for the independence of the central bank and is known for his precise and often contrarian judgments on the economy in recent years. In 2025, he became the first Federal Reserve Governor to call for rate cuts, warning signs of weakness in the labor market. A series of disappointing jobs reports in the summer confirmed his early judgment. While Waller currently favors the low-interest rate policy Trump desires, those familiar with him say he would not sacrifice his reputation as a trusted economist for political or personal gain. However, Waller may be willing to cooperate on some internal reforms at the Federal Reserve, such as streamlining operations and reducing costs. He also supports the Federal Reserve avoiding involvement in politically sensitive issues such as diversification or climate change. Michelle Bowman Bowman currently serves as the Federal Reserve Vice Chair for Supervision. She was appointed as a Governor by Trump in 2018 and was promoted to her current position earlier this year. Bowman comes from a banking family and is a fifth-generation banker in her family. Before joining the Federal Reserve, she served as the Kansas State Bank Commissioner. Bowman is trained in law, has served in the George W. Bush administration, and has been a legal advisor to several committees in the US House of Representatives. Since taking on the role of Vice Chair for Supervision in June, Bowman has led efforts to relax key capital rules for large banks and supported the repeal of regulatory standards requiring banks to disclose climate risk management. She was also one of the earliest officials to support rate cuts this year. In July, she dissented with Waller in opposing the majority decision to keep rates unchanged. Kevin Warsh Warsh served as a Federal Reserve Governor from 2006 to 2011, making him the youngest Governor in history. His connections and experience on Wall Street were crucial for the Federal Reserve during the global financial crisis. In 2017, he was a top contender for Trump's nomination as Federal Reserve Chairman but was ultimately defeated by Powell. After leaving the Federal Reserve, Warsh has publicly criticized the institution multiple times, calling for "institutional change" most recently. In an interview in July, he stated, "It requires breaking some old frameworks because their current practices are no longer working." Warsh has specifically criticized the expansion of the Federal Reserve's balance sheet, aligning with Besent's views. He advocates for the Federal Reserve to create more room for rate cuts by significantly shrinking its asset portfolio. His current openness to low rates contrasts sharply with his long-standing image as an "inflation hawk." Rick Rieder Rieder is one of the most senior executives at BlackRock, responsible for the company's fixed income business. He joined BlackRock in 2009, having worked at Lehman Brothers for nearly 20 years. In an interview in September, Rieder stated that, based on his assessment of the economic situation, the Federal Reserve should opt for a larger rate cut - 50 basis points instead of 25 basis points. The Federal Reserve eventually only cut rates by 25 basis points. He also emphasized the "critical importance" of the Federal Reserve's independence, as investors need to have confidence in the dollar, debt, and financing system, but also added that the central bank should be more "innovative." Reportedly, during his meeting with Besent for the Chairman position, the Treasury Secretary was impressed by Rieder's extensive experience in financial markets, deep understanding of macro and microeconomics, and ability to manage large teams.