President Donald Trump told reporters on Wednesday afternoon that he has narrowed down the list of potential successors to Federal Reserve Chairman Jerome Powell to "three or four" candidates and intends to announce his decision earlier than planned.
"I think I'll name it a little bit early – the new chairman," Trump told reporters while speaking at the Kennedy Center. "I'm down to three or four names – all good, all great. The problem is, you name them, and then they turn out to be not good."
Trump also slammed Powell, describing him as "truly incompetent" and arguing the current Fed chair has made it more difficult for Americans to obtain affordable mortgages.
President Donald Trump speaks during an event at the Kennedy Center on Aug. 13, 2025, in Washington, DC. (Kevin Dietsch/Getty Images / Getty Images)
"But the housing sector, people aren't able to get good mortgages," Trump said. "They're paying too much because of Jerome ‘Too Late’ Powell. He's truly incompetent."
Earlier Wednesday, a senior administration official told FOX Business that Treasury Secretary Scott Bessent, who is leading the effort to narrow down Powell's replacement, is interviewing a list of 11 possible candidates for the job. FOX Business obtained and reviewed the list, and the names include:
U.S. Treasury Secretary Scott Bessent testifies before a House Financial Services Committee hearing entitled "The Annual Testimony of the Secretary of the Treasury on the State of the International Financial System," on Capitol Hill in Washington, D. (REUTERS/Nathan Howard / Reuters Photos)
Last week, Trump confirmed the administration had begun a "formal process" to select Powell's successor amid rising tensions between the president and the Fed chair. Trump also said Bessent, who was at one time rumored to be in the running to replace Powell, would remain in his role as treasury secretary.
Powell's four-year term as Fed chair will end in May 2026.
Tensions between Powell, appointed by Trump in 2017, and the president have continued to rise, with the central bank’s interest rate decisions proving a particular point of friction. Trump wants interest rates cut, but the Fed hasn't done so since 2024.
Federal Reserve Chair Jerome Powell testifies before the Senate Committee on Banking, Housing, and Urban Affairs during a hearing to "examine the Semiannual Monetary Policy Report to the Congress" on Capitol Hill on June 25, 2025, in Washington, DC. (Kent Nishimura/Getty Images / Getty Images)
On Tuesday, Trump ramped up pressure on Powell to cut interest rates, threatening to allow a lawsuit over the central bank’s $3.1 billion renovation project to move forward.
"Jerome 'Too Late' Powell must NOW lower the rate," Trump wrote in a Truth Social post.
FOX Business' Daniella Genovese and Michael Dorgan contributed to this report.