Trump will announce the choice of chairman of the Federal Reserve on Friday morning

The president told reporters about the announcement at the premiere of “Melania,” the film about first lady Melania Trump. Friday’s announcement ends a months-long selection process that has fueled debate over the future direction of the country’s central bank.

The candidates for the Fed chairmanship

Trump has considered four final candidates to lead the Federal Reserve: National Economic Council Director Kevin Hassett, Federal Reserve Governor Christopher Waller, former Fed Governor Kevin Warsh and BlackRock director Rick Rieder.

The US Secretary of the Treasury Scott Bessent has overseen the search since the summer and helped narrow down a broader list of candidates. Trump had previously said he would announce his choice next week, but later suggested the timeline had been pushed back.

The nominee would first be appointed governor of the Fed. The new governor will begin a 14-year term on February 1 and will succeed Stephen Miran, who filled the seat after Adriana Kugler resigned in August 2025.

The nominee could face a tough Senate confirmation after the Justice Department issued grand jury subpoenas as part of an investigation into Fed Chairman Jerome Powell, sparking bipartisan criticism. Senators Thom Tillis (R-N.C.) and Elizabeth Warren (D-Mass.) accused President Trump of using the investigation to pressure Powell to resign and exert political control over the central bank.

Tillis, a Republican member of the Senate Banking Committee, has pledged to block all Fed nominees until the Justice Department completes its investigation. Powell’s term as chairman ends in May, but he could remain on the Fed board until 2028.

Hassett was the front-runner for the role for a while, but Trump then said he prefers Hassett to remain in his role at the National Economic Council. Hassett has also drawn criticism after defending the DOJ investigation as routine oversight, with economists questioning his comments as “inappropriate” for a future central bank leader.

Trump’s announcement would mark a new phase in his long-standing conflict with the Fed over interest rate policy. The president and his allies have repeatedly pressured Powell to cut borrowing costs more aggressively and had even called for Powell’s resignation.

The Fed left interest rates unchanged on Wednesday after three consecutive cuts at the end of last year.