Emre Yumlu 
The term of U.S. Federal Reserve Chair Jerome Powell ends in May 2026. However, increasing criticism from President Donald Trump has fueled speculation that Powell may be replaced even before the end of his term. With Trump recently hinting that a new Fed chair will be announced soon, attention has turned to the potential candidates.
Trump recently criticized the Fed once again, stating that it hasn’t acted quickly enough to cut interest rates. Following these statements, several names have begun to emerge in political and financial circles. So, who could replace Powell? Here are the leading names in the Fed chair race!
Who Will Be the Next Fed Chair?
1. Kevin Warsh: A Surprise Candidate
Former Fed governor Kevin Warsh is a strong contender whose name is frequently mentioned in Trump’s inner circle. Warsh has criticized the central bank, saying it has “strayed outside of its remit” and that the current economic problems are “largely self-inflicted.”
Although Warsh supports the independence of the central bank, he also noted that this independence is often used “as a shield when the Fed is criticized.” With his experience and alignment with Trump’s economic views, Warsh is currently seen as one of the strongest candidates.
2. Scott Bessent: One of Trump’s Favorites
Trump’s Treasury Secretary Scott Bessent is another rising name in the mix. Known for effectively implementing Trump’s vision on economic, tax, and trade policy, Bessent is increasingly considered a serious alternative for the Fed chair role.
Bessent currently plays a key role in U.S.-China trade negotiations and Trump’s broader economic reforms. Tim Adams, CEO of the Institute of International Finance, commented, “As someone who has the trust of the global financial community, Bessent is a natural candidate.” However, some experts highlight that Bessent’s expertise lies more in fiscal policy than in monetary policy.
3. Chris Waller: A Voice from Within the Fed
Current Fed governor Chris Waller is also among the candidates. In a recent interview with Bloomberg, Waller said that anyone taking the role of Fed chair should be prepared to face criticism. For Waller, the most important quality in a chair is the ability to protect the Fed’s independence from political influence.
Waller clearly stated his position by saying, “Are they going to come in and keep the tradition of central bank independence, making policy in a nonpolitical way? For me, that’s critical.”
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