Trump Announces Departure of Bessent as Fed Chair Contender, Reveals Shortlist Includes Warsh and Hassett

In a CNBC interview on Tuesday, President Donald Trump announced that Treasury Secretary Steven Mnuchin has declined the offer to replace Jerome Powell as Chair of the Federal Reserve.

“While I hold Steve in high regard, he prefers to remain in his current position,” Trump stated during the morning interview. “I’ll remove him from consideration, as he made it clear last night that he wishes to stay put.”

Sources report that Trump is considering several candidates for the vacant position, including former Federal Reserve Governor Kevin Warsh, top White House economist Kevin Hassett, and two other individuals.

Federal Reserve Governor Adriana Kugler tendered her resignation last Friday, creating an opening for a new appointment by President Trump. In his interview with CNBC, Trump hinted that the appointee to replace Kugler will serve for only four months.

“I’ll be announcing this imminently,” Trump said in the Tuesday interview on CNBC. “It’s a temporary position, as it lasts for just four months.”

The president also mentioned that the candidate selected to fill Kugler’s seat could potentially be his choice for the Federal Reserve Chair when Jerome Powell’s term concludes next year.

This story is still unfolding and will be updated with further developments.