U.S. Treasury Secretary Scott Bessent continues vetting candidates as Trump administration seeks Federal Reserve Chair Jerome Powell’s replacement by May 2026.

BlackRock Executive Emerges as Contender

Bessent met with BlackRock Inc. (NYSE:BLK) executive Rick Rieder in New York on Friday, marking the fourth candidate interview in the Trump administration’s search for a new Federal Reserve chair, according to a source cited by Reuters.

Check out the current price of BLK stock here. 

Rieder, BlackRock’s Chief Investment Officer of fixed income, discussed monetary policy, Fed organizational structure and regulatory policy during the two-hour meeting. The meeting positions Rieder as a rising contender for the position.

Treasury Secretary’s office and BlackRock did not immediately respond to Benzinga's request for comment.

Administration Narrows Candidate Pool

According to reports, Bessent has now interviewed four out of the 11 candidates on the administration’s list to succeed Fed Chair Powell, whose term ends in May 2026. President Donald Trump had previously mentioned that his shortlist includes advisor Kevin Hassett, former Fed Governor Kevin Warsh, and current Fed Governor Christopher Waller.

See Also: Trump Tariffs To Push 875,000 Americans Into Poverty? Survey Sizes Up Economic ImpactTrump Tariffs To Push 875,000 Americans Into Poverty? Survey Sizes Up Economic Impact

Trump had initially considered Bessent for the role, but the Treasury Secretary declined. The administration has also sought to fire another Fed governor appointed by former President Joe Biden, Lisa Cook, though that move has been blocked by a federal judge. Bessent will present Trump with a refined list of top contenders after completing the vetting process.

Powell’s Contentious Relationship with Trump

Trump has criticized Powell for being “too late” to lower interest rates, and he’s looking for a Fed leader who supports his push for quicker rate reductions. Powell’s Fed kept rates steady throughout the year, worried that Trump’s tariffs might fuel inflation again. However, the focus has recently shifted to concerns about the weakening labor market.

Senate Confirmation Timeline Critical

The Senate is also scheduled to vote on Monday on confirming White House Council of Economic Advisers Chair Stephen Miran to the Fed. Miran would replace Adriana Kugler, who resigned last month after being appointed by former Biden. The Fed begins a two-day meeting on Tuesday, with markets expecting a quarter-point rate cut.

Read Next:

• Elon Musk’s $1 Trillion Pay Package Is ‘A Little Bit Weird’ To Compare Monetarily, Says Tesla Board Chair: It’s About ‘Voting Influence’

Photo courtesy: Maxim Elramsisy / Shutterstock.com

Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.