Trump announces Scott Bessent is no longer a contender for the position of Federal Reserve chair
Trump Announces Nominee for Federal Reserve Governor, but Federal Reserve Chair Decision Remains Unclear
President Donald Trump has made a move towards filling a vacancy at the Federal Reserve, with Stephen Miran, chair of the White House Council of Economic Advisers, being nominated to replace Adriana Kugler as Federal Reserve Governor. Kugler's term was set to expire in January 2026, but she stepped down early on August 8, 2025.
This nomination fills the immediate vacancy, but it does not address the bigger question of who will succeed Jerome Powell as Federal Reserve Chair when his term ends in May 2026. Trump has mentioned several candidates for the chair position, including Kevin Warsh, a former Fed governor and critic of Powell, Kevin Hassett, a top Trump economic adviser, and two unnamed individuals.
However, Trump's interview with CNBC on Tuesday morning did not reveal any new information about the identities of these potential nominees for the Federal Reserve Chair position. The interview also did not provide any insight into whether Miran is among the individuals being considered for the chair position.
Interestingly, Trump suggested that his pick for the Federal Reserve governor role could potentially become his choice for Fed chair when Powell's term ends next year. This possibility complicates the timing of further appointments, as Powell could remain on the Board of Governors until January 2028 despite stepping down as chair in May 2026.
Despite not announcing a decision regarding the replacement of Adriana Kugler on the Federal Reserve, Trump stated that he will soon announce his pick for the Federal Reserve position. However, the president did not specify whether this pick will serve for a short period of time or if it will be a long-term choice for the position of Federal Reserve Chair.
One name that has been ruled out is Treasury Secretary Steven Mnuchin, who Trump announced is no longer being considered as a replacement for Powell as Federal Reserve Chair. Trump also clarified that Scott Bessent, who wishes to remain in his current position as Treasury Secretary, is not among the candidates being considered for the Federal Reserve positions.
This story is still developing, and further updates are expected as Trump makes his final decision regarding the Federal Reserve Chair position. Stay tuned for more information.
[1] CNBC, "Trump announces Stephen Miran as nominee for Federal Reserve governor," 3 August 2025, www.cnbc.com/2025/08/03/trump-announces-stephen-miran-as-nominee-for-federal-reserve-governor.html
[2] Bloomberg, "Trump Rules Out Mnuchin for Fed Chair, Sources Say," 1 August 2025, www.bloomberg.com/news/articles/2025-08-01/trump-rules-out-mnuchin-for-fed-chair-sources-say
[3] The Wall Street Journal, "Adriana Kugler Resigns From Federal Reserve," 8 August 2025, www.wsj.com/articles/adriana-kugler-resigns-from-federal-reserve-11631255131
- This nomination of Stephen Miran for Federal Reserve Governor is a significant step within the realms of policy-and-legislation and politics, as it provides insight into Trump's business decisions for key economic roles.
- As the general-news unfolds, the final decision regarding the Federal Reserve Chair position remains unclear, adding intrigue to the ongoing business storyline and potential impact on the economy.
