Scott Bessent to begin US Fed Chair interview process on September 5

According to WSJ, Bessent and his advisers have drawn up a list of 11 potential contenders.

Treasury Secretary Scott Bessent will launch a series of interviews this Friday as part of the search for the next Federal Reserve chair, The Wall Street Journal reported, citing people familiar with the matter.

The discussions are expected to stretch into next week, with Bessent set to meet candidates both in person and via video conference, the report said.

According to WSJ, Bessent and his advisers have drawn up a list of 11 potential contenders.

Names under consideration include current Fed governors Christopher Waller and Michelle Bowman, National Economic Council Director Kevin Hassett, and former Fed governor Kevin Warsh.

Following this round of interviews, Bessent intends to present a shortlist of recommendations to President Donald Trump, the Journal noted. He had earlier indicated that the selection process to replace Jerome Powell as Fed chair would begin soon after Labor Day.

Meanwhile, continuing the developments around the Fed leadership, Bessent on Monday reaffirmed the Federal Reserve’s independence but argued that President Trump retains the authority to remove Fed Governor Lisa Cook in light of mortgage fraud allegations.

“The Fed should be independent. The Fed is independent, but I, I also think that they’ve made a lot of mistakes,” Bessent told Reuters.

Trump has sought to oust Cook, a former Biden appointee, after the head of the Federal Housing Finance Agency (FHFA) — a close ally of the president — accused her of mortgage fraud for allegedly declaring two properties as primary residences in official records.

While presidents can dismiss members of the Fed’s Board of Governors “for cause,” legal experts note it remains uncertain whether the accusations against Cook meet that threshold. In response, Cook has filed a lawsuit challenging Trump’s move, calling it an “unprecedented and illegal attempt” to strip her of her role.