U.S. Treasury Secretary Scott Bessent said on Thursday he is pulling together a list of potential candidates to lead the U.S. Federal Reserve and that he expects an announcement by the end of the year.

“We are putting together a very good list of candidates” to replace Fed Chair Jerome Powell and another seat that will become vacant on the Fed board, Bessent said in an interview with CNBC.

Powell’s term as chairman ends in May.

The Fed has faced steady and often aggressive pressure from President Donald Trump to cut rates. The president has said a large move down in rates is justified by a number of factors, but part of his critique centers on the elevated interest costs the government faces as it sells bonds to cover oceans of red ink.

“So there’ll be two seats opening up. I’m putting together a list for president, chief of staff to review. We’ll be interviewing people. So, you know, I would expect that we could have an announcement by the end of the year,” he said.

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(Reporting Doina Chiacu and Susan Heavey; Editing by Sharon Singleton and Chizu Nomiyama)