White House National Economic Council Director Hassett is considered the frontrunner in the selection process for the new Federal Reserve Chairman.

On November 26, it was reported that as the selection of the new Federal Reserve chairman enters its final weeks, White House National Economic Council Director Kevin Hassett is seen by Trump's advisors and allies as the frontrunner for the next Federal Reserve chair. However, insiders also pointed out that Trump is known for making unexpected personnel and policy decisions, so the nomination cannot be considered final until it is made public. The selection of the Federal Reserve chair and board members has always been the most direct way for the president to influence the Federal Reserve. During Trump's first term, he nominated the current chair Jerome Powell, but when Powell did not push for rate cuts at the speed Trump expected, Trump deeply regretted this decision. Hassett is seen as highly aligned with Trump's economic views, including advocating for the need to lower interest rates. In an interview on November 20, he stated that if he were the Federal Reserve chair, he would "cut rates now" because "the data shows we should do so."