President Donald Trump just dropped a bombshell about the future of the Federal Reserve.
According to Washington Examiner, in a candid interview on CNBC’s Squawk Box on Tuesday morning, August 5, 2025, Trump revealed that Treasury Secretary Scott Bessent won’t be the next Fed chairman, putting an end to swirling rumors while opening the door to other contenders for the pivotal role set to open when Jerome Powell’s term ends in May 2026.
The decision came straight from the top, with Trump confirming that Bessent himself opted out of the running. “Well, I love Scott, but he wants to stay where he is,” Trump declared, signaling a loyalty to his current post at the Treasury Department that’s hard to argue with. In a world where ambition often trumps teamwork, Bessent’s choice to stick with his role is a refreshing nod to stability over personal gain.
Trump didn’t just make this call out of the blue—he checked in with Bessent the night before the announcement. “I asked him just last night, ‘Is this something you want?’” Trump recounted, only to hear Bessent firmly decline in favor of continuing his work at Treasury. It’s a rare glimpse into the behind-the-scenes camaraderie that drives this administration’s decisions.
And let’s not overlook the praise Trump heaped on Bessent, calling his performance “doing a great job” at Treasury. That’s high commendation from a leader who doesn’t mince words, especially when it comes to economic stewardship. Bessent has earned his keep, even if it’s not at the Fed’s helm.
With Bessent out, the spotlight shifts to who might take the Fed chair position when Powell’s term wraps up in May 2026. Powell, for his part, hasn’t escaped criticism from the Trump camp, particularly over his reluctance to slash interest rates—a move many conservatives see as essential to spurring growth. Add to that a ballooning $700 million overrun on the Fed headquarters renovation in Washington, D.C., and it’s no shock that change is in the air.
Trump has a shortlist of four candidates for the Fed chair role, and he’s not shy about naming two of them. Former Fed governor Kevin Warsh and National Economic Council Director Kevin Hassett, both described as “very good” by Trump, align with his push for lower interest rates. It’s a signal that the next Fed leader might finally prioritize policies that ease the burden on American businesses and families.
A third contender, Fed governor Christopher Waller, also supports rate cuts, making him a potential fit for Trump’s vision. The fourth candidate remains a mystery, though, leaving room for speculation about who else might steer the Fed away from Powell’s cautious approach. Whoever it is, the stakes couldn’t be higher for our economic future.
Meanwhile, a recent shakeup at the Fed’s Board of Governors adds another layer to this unfolding drama. Adriana Kugler’s resignation on Friday, August 1, 2025, was dubbed a “pleasant surprise” by Trump, and it’s easy to see why. Her departure opens a slot for someone who might better align with the administration’s goal of loosening monetary policy.
Trump isn’t wasting time capitalizing on this opportunity, promising to name his pick for the vacant Fed board position in the coming days. This move could tip the scales toward a more growth-friendly Fed, countering the progressive caution that often stifles economic momentum. It’s a chance to reshape the board with pragmatic thinkers over ivory-tower theorists.
Beyond the Fed, Trump is also gearing up to appoint a new Bureau of Labor Statistics commissioner after firing the previous one over a disappointing jobs report late last week. “I’m going to be announcing that very shortly,” Trump assured, hinting at a swift resolution to keep economic data in reliable hands. In an era where numbers can be spun to push agendas, this matters more than ever.
The new commissioner’s term will be a brief four months, as Trump noted it’ll be “for the short period.” While temporary, this role is no small potatoes—accurate labor stats are the backbone of sound policy, and a misstep here could fuel misguided narratives. Let’s hope this pick brings clarity, not confusion.
Trump’s latest moves underscore a broader push to align key economic positions with a vision of lower rates and fiscal responsibility. The criticism of Powell’s tenure—whether it’s his rate hesitancy or the Fed’s budget-busting renovation—reflects a frustration shared by many Americans tired of bureaucratic excess. It’s not about tearing down institutions; it’s about ensuring they serve the people, not the other way around.
As the Fed chair race heats up, the focus on candidates like Warsh, Hassett, and Waller suggests a shift toward policies that could unleash economic potential. This isn’t just about numbers on a balance sheet—it’s about jobs, savings, and the American dream for millions. Trump’s hands-on approach here is a reminder that leadership means asking tough questions and expecting real answers.
So, while Scott Bessent stays put at Treasury, the road ahead for the Fed promises plenty of intrigue. Will the next chairman break from the status quo and champion the kind of bold economic relief conservatives have long called for? Only time will tell, but one thing’s certain—Trump isn’t leaving this critical decision to chance.
