Kevin Hassett, Director of the White House National Economic Council, has become the leading contender to replace Jerome Powell as Chair of the Federal Reserve, according to late-November 2025 reports. Hassett is widely viewed as the candidate most aligned with President Donald Trump’s push for lower interest rates, setting the stage for one of the most consequential monetary policy appointments in years.
A Potential Shift Toward Aggressive Rate Cuts
Hassett has publicly criticized the Fed’s handling of interest rates throughout 2025 and has stated outright that he would cut rates immediately if he were chair. His stance mirrors President Trump’s long-running frustration with what he views as restrictive monetary policy. Powell’s term ends in May 2026, but Treasury Secretary Scott Bessent, who is leading the selection process, has indicated a final decision could come before Christmas 2025.
According to Bloomberg, White House National Economic Council Director Kevin Hassett has emerged as the frontrunner for President Donald Trump’s choice of the next Federal Reserve chair, viewed as the candidate most aligned with Trump’s preference for lower interest rates.…
— Wu Blockchain (@WuBlockchain) November 25, 2025
Hassett’s Background and Coinbase Ties
Hassett currently serves as NEC Director, a role he assumed at the start of President Trump’s second administration in January. Before returning to government, he advised Coinbase Global Inc., and a June 2025 financial disclosure showed he holds $1 million–$5 million in vested Coinbase shares. He also earned more than $50,000 from the company’s Academic and Regulatory Advisory Council.
While none of these connections are disqualifying, they have drawn attention due to the growing intersection between monetary policy, digital assets, and financial regulation.
The Shortlist: Warsh, Waller, Bowman, Rieder
Although Hassett is the clear frontrunner, the shortlist remains competitive. Other candidates include:
- Kevin Warsh, former Fed Governor
- Christopher Waller, current Fed Governor
- Michelle Bowman, current Fed Governor
- Rick Rieder, BlackRock executive
Each contender represents a different policy trajectory, but none as closely aligned with the President’s agenda as Hassett.
Concerns Over Fed Independence
Hassett’s potential nomination has sparked concern among some investors and economists who fear a more politically influenced Federal Reserve. Markets are watching closely, aware that a chair committed to rapid easing could dramatically alter interest-rate expectations heading into 2026.
As the White House moves toward a final decision, the choice of Fed chair is shaping up to be one of the defining economic appointments of President Trump’s second term.