President Trump said Thursday he will announce his pick to be the next chair of the Federal Reserve next week.

"Next week ... we're going to be announcing the head of the Fed, who that will be, and it'll be a person that will, I think, do a good job," Trump said during a Cabinet meeting.

"With the help of the Fed, we could hit numbers that have never been hit before," he added.

On the president’s short list: Fed governor Chris Waller, former Fed governor Kevin Warsh, BlackRock chief of fixed income Rick Rieder, and National Economic Council Director Kevin Hassett.

Republican Senator Tom Tillis (N.C.) has threatened to block whomever Trump nominates to be the next Fed chair until the criminal investigation into Chair Jerome Powell launched by the Justice Department is resolved.

Joe Lavorgna, counselor to Treasury Secretary Scott Bessent, said in an interview Wednesday that he’s not concerned and he thinks a new chair will be in place by May when Powell’s term expires.

“I don't believe it'll be dragged out,” Lavorgna said. “There's a lot of time between now and [May], and I'm expecting a successful resolution and the president putting somebody forward who will do a great job running the Fed.”

Lavorgna and Bessent, who also put the timing of the announcement in the next week, were speaking at an event promoting Trump accounts, a new tax-advantaged investment and savings vehicle that parents can open for children under 18.

Babies born between Jan. 1, 2025, and Dec. 31, 2028, are also eligible to receive a $1,000 contribution from the Treasury Department that will be immediately invested in a stock index fund. To claim this investment, most families need to check a box on tax Form 4547.

Just three days into tax season, Bessent says 600,000 Americans have already signed up.

“Giving everyone a piece of the American dream, I think, is a game changer,” Bessent said. “The president has done peace deals, trade deals, and tax deals. But I think this could be his most enduring legacy because these won't open up for 18 more years.”

Sen. Ted Cruz (R-TX), who wrote the provision for the Trump accounts in last year's tax bill, said he thinks Congress will extend the program beyond Trump’s time as president so children can continue benefiting.

“It’s a hundred percent that Congress is going to extend this program and make it permanent,” Cruz said in an interview. “When I drafted it, that was absolutely my intention to have this be a permanent and transformational program.”

Jennifer Schonberger is a veteran financial journalist covering markets, the economy, and investing. At Yahoo Finance, she covers the Federal Reserve, Congress, the White House, the Treasury, the SEC, the economy, cryptocurrencies, and the intersection of Washington policy with finance. Follow her on X @Jenniferisms and on Instagram.

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