Four potential Powell replacements have been shortlisted by the betting market. Here's who's in the running to be the next Fed Chair.

Treasury Secretary Scott Bessent said Tuesday that a “formal process” to find a successor for Federal Reserve Chair Jerome Powell has already started — as the Trump administration ratchets up pressure for the top central banker to step aside before his term ends.

U.S. Treasury Secretary Scott Bessent, in an interview on Bloomberg Surveillance on Tuesday, said that a "formal process" is already starting to identify a potential successor to Federal Reserve Chairman Jerome Powell.

The Treasury secretary also stated his preference that Powell step down from the Fed entirely when his term ends. “Traditionally, the Fed chair also steps down as a governor."

Powell has repeatedly declined to answer questions on whether he might stay on as a governor. That reticence has complicated the decision-making for President Donald Trump and his aides as they look to revamp Fed leadership next year.

The candidates on President Donald Trump's shortlist to succeed Chairman Jerome Powell is starting to become more apparent.

Treasury Secretary Scott Bessent claimed the president is "not looking to fire" Powell, but noted that the search for his replacement is already underway.

President Donald Trump said on Tuesday that Treasury Secretary Scott Bessent could be a candidate to replace Federal Reserve Chairman Jerome Powell, but suggested that might not happen. After landing at Joint Base Andrews following a trip to Pittsburgh,

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