The names of five candidates for the position of head of the U.S. Federal Reserve have been announced 0 7

"We will probably make a decision on the Federal Reserve by the end of the year," he told reporters on Monday.

According to Bessent, his list after the first round of interviews includes two current members of the Fed's Board of Governors – Michelle Bowman and Christopher Waller, White House economic advisor Kevin Hassett, as well as Kevin Warsh, who served on the Fed's board during the administration of U.S. President George Bush. Additionally, the list includes BlackRock's Chief Investment Officer Rick Rieder.

"We are going to conduct a second round and hope to present the president with a good list of candidates right after Thanksgiving on November 27," Bessent added.

The term of the current Fed Chair Jerome Powell expires in May 2026.

The position of head of the Federal Reserve System is extremely important in the U.S. and has a significant impact on the country's economy. The decisions and statements of the Fed Chair are closely monitored by the markets, as they set the direction of monetary policy, affecting interest rates on loans, mortgages, deposits, and overall economic activity.

The Fed Chair is appointed by the U.S. president and confirmed by the Senate for a term of four years, receiving protection from political influence – they cannot be removed without serious grounds.