Trump says he'll likely name temporary Fed governor to open seat

Catherine Lucey, Bloomberg News on Aug 6, 2025

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WASHINGTON — President Donald Trump indicated he would likely nominate a temporary Federal Reserve governor to fill the soon-to-be vacant seat on the central bank’s board within the coming days, rather than use the seat to signal his choice to replace Jerome Powell as chairman.

“We’re probably going to go with the temp and then a permanent,” Trump told reporters Wednesday at the White House. “I think the temp is going to be named, I’d say, over the next two, three days, and then we’re going to go permanent.”

Fed Governor Adriana Kugler announced last week that she plans to vacate her role on Friday. Advisers had encouraged him to take that approach because it would give him additional time to interview candidates to serve as chair.

Trump said he was considering “probably” three candidates for the position and that they could come from Wall Street.

“Yeah, essentially, we’re all from Wall Street, aren’t we, when you get right down to it?” Trump said.

He added that Commerce Secretary Howard Lutnick, Treasury Secretary Scott Bessent, and Vice President JD Vance were among the advisers participating in the process.

Separately, Trump reiterated that he considered former Federal Reserve Governor Kevin Warsh and National Economic Council Director Kevin Hassett as top candidates for the Fed Chair role when it becomes open.