Treasury Secretary Scott Bessent announced on Tuesday that President Trump may reveal his choice for the next Federal Reserve chairman as early as next week. The decision is highly anticipated as it will determine the successor to current Chairman Jerome Powell.

President Trump has narrowed his options to four contenders: Former Federal Reserve Governor Kevin Warsh, National Economic Council Director Kevin Hassett, Federal Reserve Governor Christopher Waller, and Rick Rieder, an executive at BlackRock.

Speaking on CNBC’s “Squawk Box” during the World Economic Forum in Davos, Switzerland, Bessent stated, “I believe the president might make his decision as soon as next week.” He further elaborated on the process, noting, “We’ve engaged in extensive discussions. We began with 11 strong candidates back in September and have now whittled it down to four. The president has met each of them personally, and ultimately, the choice will be his.”

Additionally, Bessent commented on current Chairman Jerome Powell, who is under criminal investigation related to the excessive costs of renovating the Federal Reserve’s headquarters. Bessent suggested that Powell should refrain from attending the Supreme Court hearings regarding Trump’s attempt to dismiss Federal Reserve Governor Lisa Cook.

Bessent also said Powell – who is currently facing a criminal investigation concerning the Fed’s over-budget headquarters renovation – should not attend the Supreme Court’s arguments about Trump’s move to fire Fed Governor Lisa Cook.

Powell reportedly plans to attend oral arguments in a case that challenges Trump’s attempt to remove Cook over allegations of mortgage fraud, according to CNBC.

“I actually think that’s a mistake,” Bessent told the outlet at the Davos conference. “If you’re trying not to politicize the Fed, for the Fed chair to be sitting there trying to put his thumb on the scale, that’s a mistake.”

Trump has repeatedly threatened to fire Powell, bashing the chairman for not lowering interest rates quickly enough. 

Powell’s term at the helm expires in May, though he could choose to stay on the board through 2028. He has so far declined to comment on whether he will remain a Fed governor.

Last week, Powell revealed that he’s under criminal investigation for allegedly lying during congressional testimony last summer over the Fed’s $2.5 billion headquarters renovation in DC.

“The threat of criminal charges is a consequence of the Federal Reserve setting interest rates based on our best assessment of what will serve the public, rather than following the preferences of the President,” Powell said in a stunning video statement.

“This is about whether the Fed will be able to continue to set interest rates based on evidence and economic conditions – or whether instead monetary policy will be directed by political pressure or intimidation.”

Trump first nominated Powell to lead the Fed at the start of his first presidential term.

Last week, Warsh surged ahead of Hassett on prediction markets betting on who the next Fed chairman will be after Trump said he’d like to keep Hassett in his current role as an economic adviser.

Trump also ruled out Bessent for the role “because he wants to stay where he is.”

Markets had placed better odds on Hassett for weeks. While Trump said he’d like to keep Hassett in his current job, it’s not impossible for him to end up with the nomination.

After Fed Governor Adriana Kugler unexpectedly resigned last summer, Trump tapped Stephen Miran, then a top White House economic adviser, to fill the role. Miran refused to fully resign from his White House job, instead taking an unpaid leave of absence.