President Donald Trump is close to nominating the next Federal Reserve chair, with four candidates in the running. Treasury Secretary Scott Bessent expects a decision next week, with previous comments pointing to finalists including Kevin Hassett, Kevin Warsh, Christopher Waller, and Rick Rieder.

Trump has criticized current Chair Jerome Powell’s leadership, with recent Justice Department subpoenas related to Fed headquarters renovations. Despite the scrutiny, Powell’s term as chair runs until May, with the option to stay on as governor until 2028. Multiple Fed officials have resigned due to ethical issues under his watch.

Bessent emphasized the importance of the Fed’s independence but highlighted accountability issues within the institution. Trump’s preference for a new chair has shifted, with Kevin Warsh emerging as a frontrunner in prediction markets. The decision will ultimately be made by the president, with significant interest in the outcome.

Read more at CNBC: Bessent says Trump’s pick for the next Fed chair could happen next week