U.S. President Donald Trump said on Tuesday he had removed Treasury Secretary Scott Bessent from consideration for an open seat on the Federal Reserve's Board of Governors, but said he would "very shortly" announce his choice, APA reports citing CNBC.
In an interview with CNBC, Trump said Fed Governor Adriana Kugler's decision to vacate her seat early was a "pleasant surprise." The departure of Kugler, whose term would have ended on January 31, appears to have accelerated Trump's planning for the U.S. central bank, giving him an immediate opening to fill with a person who could also be promoted to the top policymaking role when Fed Chair Jerome Powell's term ends in May.
"It'll be one of four people," Trump said, adding that he considered both current White House economic adviser Kevin Hassett and former Fed Governor Kevin Warsh as "very good" possibilities. He did not name the other two, but is reportedly considering current Governor Christopher Waller, who has advocated rate cuts but not at the pace or extent Trump wants.
"There are numerous people that are qualified," Trump said. "I am going to be announcing that very shortly," the president said in reference to naming a replacement for Kugler, who was appointed to the Fed's board by former President Joe Biden.
Trump said Bessent would not be in the running for the position because he wants to remain in the top Treasury job.
The nominee would, at least initially, serve the few months remaining in Kugler's term.
