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Treasury Secretary Scott Bessent named five contenders to replace Jerome Powell as Federal Reserve chair next year—Christopher Waller, Michelle Bowman, Kevin Warsh, Kevin Hassett, and BlackRock's Rick Rieder. Speaking aboard Air Force One, Bessent said he’ll deliver a slate to President Donald Trump after Thanksgiving; Trump aims to decide by year’s end. Bessent has sharply criticized the Fed’s crisis-era policies, signaling potential shifts ahead. Trump renewed attacks on Powell over interest rates as the Fed eyes another cut, while legal and political fights over board seats test the central bank’s independence.

Prepared by Lauren Mitchell and reviewed by editorial team.