President Trump said Tuesday morning that the pool of potential nominees to succeed Federal Reserve Chair Jerome Powell is down to four people and that Treasury Secretary Scott Bessent will not be nominated for the role.

"The two Kevins are doing well, and I have two other people that are doing well," Trump said in an interview with CNBC on Tuesday. The "two Kevins" are in reference to former Fed governor Kevin Warsh and Kevin Hassett, director of the National Economic Council.


When asked about Fed governor Chris Waller and Secretary Bessent, Trump didn't deny that Waller was among the four possible replacements for Powell, but he did say that Bessent does not want the job.

"I love Scott, but he wants to stay where he is," Trump said.

Trump said he may make the decision to announce Powell's replacement "soon," also noting that Fed governor Adriana Kugler is set to leave her post at the end of week and that a nominee for that opening could be announced in the coming days.

When asked whether a Kugler replacement could eventually be nominated to replace Powell as Fed chair, Trump said, "That's a possibility too."

Kugler's term as a governor was set to expire on Jan. 31, but she announced last week she will resign on Aug. 8, opening a spot on the Federal Reserve Board for the president to fill. Kugler, who has served as a Fed governor since Sept. 13, 2023, will return to Georgetown University as a professor this fall.


Warsh has experience navigating the central bank, serving as Fed governor from 2006 until 2011. Warsh was former Fed Chair Ben Bernanke's liaison to Wall Street during the chaos of the 2008 financial crisis.

He is also a known figure to Trump, who interviewed him for the Fed chair post eight years ago before deciding to nominate Powell.

Trump nominated Powell to serve as Fed chair in 2017 at the direction of then-Treasury Secretary Steven Mnuchin. Powell's first term as Fed chair began in February 2018. Former President Biden reappointed Powell to another four-year term, which started in 2022. Powell's current term as Fed chair is set to expire next May.

The White House also hopes that Powell will decide to leave the Fed Board of Governors when his chairmanship is up next year. That would open up a second seat that Trump can fill. Powell has not yet said whether he intends to do that; his term as a Fed governor is not up until 2028.