Treasury Secretary Scott Bessent has narrowed the list of candidates to become the next Federal Reserve chair to 5, according to a person familiar with the process, as he prepares to submit a recommendation to President Trump later this fall.

The 5 people include former Fed Governor Kevin Warsh, National Economic Council director Kevin Hassett and current Fed Governor Chris Waller — three names previously mentioned by Trump, who will make the final decision.

The 2 others on Bessent's short list are another Fed governor, Michelle Bowman, who also serves as the central bank's top banking regulator, and BlackRock (BLK) fixed income CIO Rick Rieder.

CNBC earlier reported the current list of candidates being considered by Bessent, who is leading the search for a successor to Fed Chairman Jerome Powell. Powell's term as chair expires in May.

Treasury is expected to hold another round of interviews with all 5 people. But the interviews may not be finished until after Thanksgiving, with Bessent participating in the IMF/World Bank meetings next week and then traveling to Asia with Trump.

Bessent intends to winnow down his list and then send a recommendation to Trump, who makes the final call. The candidate would be nominated for a 14-year term as a governor on the central bank and then elevated to Fed chair once Powell relinquishes that seat.

The candidate would be nominated for a Fed governor's seat now occupied by Stephen Miran, a White House economic adviser who took a leave of absence to join the Fed board on a temporary basis through January.

Powell’s term as chair ends this May, but he may still remain on the Fed board once he steps down as chair. His term as a Fed governor still has two years remaining.

Waller said on CNBC Friday morning that he had a “great interview” with Bessent to be Fed chair and there was a lot of discussion about various aspects of the Fed. Waller noted that “there was nothing political about it. It was all serious economic discussion.”

Trump is trying to put his own stamp on the Fed as he hammers the central bank to cut interest rates. He has argued the rate should be as low as 1%, saying that it would lower interest costs for the US and make housing more affordable for Americans by pushing down mortgage rates.

Miran—newly appointed by Trump—dissented in the last Fed policy meeting, his first as a Fed governor, preferring to cut rates by 50 basis points than 25 basis points.

He wants to get to a neutral level on interest rates – a level designed to neither spur nor slow growth—faster than his colleagues because he believes inflation will drop and rates at current levels are restricting the economy too much now.

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