Treasury Secretary Scott Bessent confirmed that the list of candidates to replace Federal Reserve Chair Jerome Powell has been narrowed down to five, with the winner likely to be named by the end of the year. The finalists include current Fed Governors Christopher Waller and Michelle Bowman, among others.

Bessent, who had been rumored as a top candidate himself, expects to present a “good slate” to Trump after Thanksgiving. Trump anticipates naming a replacement by the end of the year, even though Powell’s term does not expire until May 2026. The Federal Open Market Committee meets this week, with an interest rate decision expected on Wednesday.

Trump currently has three appointees on the seven-member Board of Governors, with the possibility of having four if Powell decides to leave the Fed. Trump has been unsuccessful in trying to remove Governor Lisa Cook from the board. Five regional presidents also join the governors as voters during the FOMC meeting.

Read more at CNBC: Bessent lists five finalists for Fed chair job and Trump says decision coming before the end of the year