As of January 21, 2026, President Donald Trump has not yet formally named the next Chair of the Federal Reserve to succeed Jerome Powell, whose term as chair ends in May 2026.
However, the selection process has reached its final stages. U.S. Treasury Secretary Scott Bessent stated on January 20, 2026, that an official announcement could come as early as next week. President Trump also recently teased at the World Economic Forum in Davos that he has chosen a "he" for the role.
The Final Four Shortlist
The field has reportedly been narrowed down to these four primary candidates:
Kevin Warsh: A former Federal Reserve governor (2006–2011) currently viewed as the front-runner by prediction markets. He is seen as a candidate who can balance market credibility with Senate support.
Christopher Waller: A current Federal Reserve governor appointed by Trump in 2020. He is considered a "technocratic fallback" who might be easier to confirm due to his existing position and reputation for accurate economic forecasting.
Kevin Hassett: The Director of the National Economic Council and a close Trump adviser. While long considered the favorite, his odds have recently dropped after Trump signaled a preference to keep him in his current White House role.
Rick Rieder: The Chief Investment Officer of Global Fixed Income at BlackRock. He is viewed as a "dark horse" candidate with deep market expertise.
Current Context and Challenges
DOJ Investigation: The nomination process is being complicated by a Justice Department criminal investigation into Chair Jerome Powell regarding his past congressional testimony.
Senate Confirmation: Republican Senator Thom Tillis has vowed to block any Fed nominee until the investigation into Powell is resolved, which could delay the transition.
Powell’s Status: While his term as Chair ends in May 2026, Powell’s term as a Governor lasts until January 2028. There is speculation he may choose to stay on as a governor to defend central bank independence.
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