WASHINGTON (AP) — Treasury Secretary Scott Bessent this week confirmed the names of five candidates to replace Jerome Powell as chair of the Federal Reserve next year.

Bessent said he would engage in a second round of interviews in the coming weeks and present a “good slate” of candidates to Trump “right after Thanksgiving.” Trump said he expected to decide on Powell’s replacement by the end of this year.

The five people under consideration are Federal Reserve governors Christopher Waller and Michelle Bowman; former Fed Governor Kevin Warsh; White House economic adviser Kevin Hassett; and Rick Rieder, senior managing director at asset manager BlackRock.

Hassett currently is the chair of the National Economic Council at the White House and also was a top Trump adviser in the president’s first term, and a frequent defender of the administration’s policies on television. His longtime loyalty to the president could give him an edge, some Fed watchers say.

Warsh is a former economic advisor in the George W. Bush administration and was appointed to the Fed’s governing board in 2006 at age 35, making him the youngest Fed governor in history. He left the board in 2011. Warsh is now a fellow at the Hoover Institution and a lecturer at the Stanford Graduate School of Business.

Waller was appointed to the Fed by Trump in 2020, and quickly established himself as an independent voice. He began pushing for rate cuts in July and dissented at that meeting in favor of a quarter-point cut, when the Fed decided to leave its key rate unchanged. Yet he voted to reduce rates just a quarter-point in September, along with 10 other Fed officials, while Miran dissented in favor of a half-point.

Michelle Bowman is the Fed’s vice chair of supervision, making her the nation’s top banking regulator. She was appointed by Trump in 2018, and before that was Kansas’ state bank commissioner.

Bowman also dissented in favor a rate cut in July, then voted with her colleagues last month for a quarter-point reduction.

Rieder has the most financial markets experience of any of the candidates and has worked for Wall Street firms since 1987. Rieder joined BlackRock in 2009. His focus is in fixed income and he oversees the management of roughly $2.4 trillion in assets.

Bessent has set out a wide-ranging critique of the Fed while interviewing for Powell’s replacement. In particular, he has criticized the central bank for continuing unconventional policies, such as purchasing Treasury bonds in order to lower longer-term interest rates, long after such steps were justified, in his view, by emergency conditions.

“It is essential the Fed commit to scaling back its distortionary impact on markets,” Bessent wrote. “It also likely requires an honest, independent, and nonpartisan review of the entire institution and all of its activities.”