---
title: "Who is the next Federal Reserve Chairman? Bessent has interviewed 11 candidates, and 4 are the most likely"
type: "News"
locale: "zh-CN"
url: "https://longbridge.com/zh-CN/news/260374837.md"
description: "According to reports, Trump will make a final decision from four major candidates: former Federal Reserve Governor Kevin Warsh, current Governor Christopher Waller, White House economic advisor Kevin Hassett, and BlackRock Chief Investment Officer Rick Rieder. Warsh supports Bessen's central bank reform proposals; Waller has proposed a balance sheet reduction plan; Hassett aligns with Trump's policy positions; Rieder has extensive experience as an outsider"
datetime: "2025-10-09T05:55:57.000Z"
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---

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# Who is the next Federal Reserve Chairman? Bessent has interviewed 11 candidates, and 4 are the most likely

The interview process for the next Federal Reserve Chair candidate, which lasted several weeks, has concluded. Trump is about to make a final decision from the four major contenders: Kevin Walsh, Christopher Waller, Kevin Hassett, and Rick Rieder.

On October 9th, according to the Financial Times, **U.S. Treasury Secretary Becerra completed the final round of interviews for the Federal Reserve Chair candidates, concluding the weeks-long screening process on Tuesday**. A total of 11 candidates were evaluated for this position at the world's most important financial institution.

Insiders revealed that Becerra focused on candidates' positions on interest rate policy and how to handle the exit from quantitative easing during times of crisis. The candidates underwent rigorous questioning for up to two hours, with interviewers including Becerra, Treasury officials Hunter McMaster, and advisor Francis Browne.

Reports indicate that Trump will make a final decision after the last round of interviews. He previously stated that **his preferred candidates include former Federal Reserve Governor Kevin Walsh, current Governor Waller, and White House economic advisor Kevin Hassett**. **Rick Rieder, Chief Investment Officer of Global Fixed Income at BlackRock, performed "exceptionally well" as an external candidate during the interview.**

The report noted that this personnel change comes at a turbulent time for the Federal Reserve, with the Trump administration's challenges to the central bank's independence raising market concerns, and investors betting that the next chair will be more aggressive in cutting interest rates.

## Becerra's Focus on Central Bank Reform Agenda

During the interviews, Becerra specifically examined candidates' views on structural reforms at the Federal Reserve. According to those who participated in the interviews, Becerra asked candidates for their opinions on points raised in a recent article he published, which called for comprehensive reforms of the central bank and criticized the quantitative easing program as a "functional acquisition monetary policy experiment."

Candidates were also asked how to govern an institution that Becerra accused of having a "mission creep" problem. Becerra believes that the excessive expansion of the Federal Reserve's balance sheet reflects an overreach of central bank power and advocates for reducing the influence of technocrats over the government bond market, returning more control to the Treasury.

In media interviews, Becerra remained tight-lipped about the screening process, only stating that he hopes to find a candidate who is "open-minded" and "forward-looking." He acknowledged that some candidates performed unexpectedly well, making it difficult for him to submit the final list to the White House.

## Four Major Contenders Each Have Their Advantages

Among the candidates publicly supported by Trump, **former Federal Reserve Governor Kevin Walsh** echoed Becerra's views on central bank reform. Walsh supported the idea of reducing the Federal Reserve's asset size during a speech to the Group of Thirty in April.

**Current Governor Waller** recently outlined plans for how to reduce the Federal Reserve's asset holdings, which have significantly expanded due to the central bank's purchases of government bonds and other securities during the financial crisis and the COVID-19 pandemic.

**White House economic advisor Kevin Hassett**, as a member of Trump's inner circle, aligns with the president's policy ideas. Meanwhile, **Rick Rieder of BlackRock, as an external candidate**, is recognized for his extensive experience in the global fixed income sector According to informed sources, **some candidates have performed beyond expectations, which has increased the difficulty of the final selection**. Bessent admitted last month that the outstanding performance of some candidates posed challenges when narrowing down the shortlist.

## Market Focus on Rate Cut Expectations and Independence Concerns

The Federal Reserve is in a turbulent period, with Trump appointing an ally to the board and attempting to fire another board member, raising concerns that the president may undermine the central bank's independence.

The government's repeated attacks on the central bank's long-standing tradition of independently setting interest rate policies have triggered market volatility and bets that the next Federal Reserve chair will be more aggressive in cutting rates.

Trump ally and Office of Management and Budget Director Russ Vought also criticized the Federal Reserve's $250 million headquarters renovation project as "ostentatious."

Another member of the president's inner circle, Bill Pulte, accused the Federal Reserve's first Black female board member, Lisa Cook, of mortgage fraud, prompting Trump to attempt to fire her.

However, Cook denied these allegations and sued the president, with the Supreme Court stating last week that she could continue working at the Federal Reserve at least until January 2026.

Current Chair Powell's term will end in May 2026, concluding his eight-year tenure as the head of the world's most important central bank. He can continue to serve as a board member until January 2028

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