Advisers to President Donald Trump are recommending Treasury Secretary Scott Bessent to replace Jerome Powell as chairman of the Federal Reserve when his term ends in May 2026, Bloomberg reports, citing sources close to the president.

Another possible contender is Kevin Warsh, a former Fed governor who Trump considered for the Treasury secretary position and interviewed in November, according to the sources, who requested anonymity.

Kevin Hasset, director of the White House National Economic Council, Fed Governor Christopher Waller, and former World Bank President David Malpass are three other names being floated for Fed chair.

Bessent has been instrumental in Trump’s tax, regulation and, most notably, trade negotiations, especially the discussions with China.

“Scott Bessent proved he could implement President Trump’s agenda during an incredibly turbulent first six months,” notes Steve Bannon, former White House strategist and an adviser to the president. “He’s not just the star of the cabinet, but a safe pair of hands for global capital markets.”

Tim Adams, president and CEO of the Institute of International Finance, added, “Given the amount of trust and confidence that the global financial community has in Scott Bessent, he’s an obvious candidate” even though he is a “dark horse candidate.”

Warsh would also be a good choice, Adams said.

Trump, asked about Warsh on Friday, said, “He’s very highly thought of.”

The president has not begun any formal interviews for a new chairman of the Federal Resource, two sources said.

Bessent, as Treasury Secretary, would be instrumental in the selection of a new Fed chair, and would be expected to recuse himself should he be one of the candidates.

Asked for a comment on the matter, Bessent said, “I have the best job in Washington. The president will decide who’s best for the economy and the American people.”

As for Trump’s criticism of Powell for not cutting rates and worries that the president might interfere with the decisions of the Federal Reserve, Adams said both Bessent and Warsh “would be given the benefit of the doubt from the financial community” that they would preserve the independence of the central bank.