Hassett leads the race for Trump's new Fed chairman, Powell's successor emerges

On July 15, 2025, Bloomberg reported that Kevin Hassett, a longtime economic advisor to President Donald Trump and current director of the National Economic Council, has emerged as the early frontrunner in the selection process to replace Jerome Powell as Federal Reserve Chair.

 Powell's term is set to expire in May 2026, and Trump has initiated a competitive, "Apprentice-like" deliberation process—advised by Treasury Secretary Scott Bessent—to nominate a successor, with an aim to announce the pick by fall 2025.

Background on Kevin Hassett

Hassett served as chair of the Council of Economic Advisers during Trump's first term (2017–2019) and has been a key figure in shaping economic policies, including tax cuts and trade strategies. His close ties to Trump and experience in a financial advising position position him as a loyalist choice, though critics question his qualifications compared to Powell's extensive central banking background.

 Trump himself commented recently that Hassett is "someone we'd consider" for the role, emphasizing interest in candidates who favor "low interest" policies—a likely pun on preferring lower interest rates.

Other Potential Candidates

The article highlights a shortlist of contenders in this ongoing race:

• Kevin Warsh: A former Federal Reserve governor and strong competitor to Hassett.

• Scott Bessent: The current Treasury Secretary, who is overseeing the process but could step in if others underperform, has downplayed his interest.

• Christopher Waller: A current Fed governor seen as a dark horse candidate.

Broader Context

Trump has expressed frustration with Powell, whom he appointed in 2018 but later criticized for rate hikes during his first term. Recent reports indicate that Trump drafted (but did not send) a letter to fire Powell, although White House officials deny plans to remove him prematurely.

 The selection comes amid debates over Fed independence, with Trump signaling a desire for more accommodative monetary policy to support growth. Public reactions on X range from supportive shares of the news to concerns about politicizing the Fed or Hassett's suitability.

 For instance, some users highlighted potential cost savings from ousting Powell, while others expressed alarm at the idea of Trump gaining more control over the central bank.

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