Trump says Treasury Secretary Bessent 'does not want' to be Fed chair, but 4 others in running

Source: CNBC

Published Tue, Aug 5 2025 8:15 AM EDT Updated 42 Min Ago


President Donald Trump told CNBC on Tuesday that he has narrowed the field of potential future Federal Reserve chairs to four candidates, a list that does not include Treasury Secretary Scott Bessent.

While the president did not disclose who is in contention, he revealed that Bessent, previously considered a leading candidate, has taken himself out of contention.

“Well, I love Scott, but he wants to stay where he is,” Trump said during a “Squawk Box” interview. “I asked him just last night, ‘Is this something you want?’ [Bessent said], ’Nope, I want to stay where I am. He actually said, ‘I want to work with you.’ It’s such an honor. I said, ‘That’s very nice. I appreciate that.’”

The news follows Fed Governor Adriana Kugler’s surprise announcement Friday that she is resigning effective this Friday. The move allows Trump to install another of his appointees to the Fed Board of Governors at a time when the White House is aggressively pushing the central bank to lower interest rates.

Read more: https://www.cnbc.com/2025/08/05/trump-says-treasury-secretary-bessent-does-not-want-to-be-fed-chair-but-4-others-in-running.html