Trump Administration Weighs 11 Candidates for Fed Chair Replacement

Washington, D.C. – The Trump administration is considering 11 candidates to succeed Federal Reserve Chairman Jerome Powell when his term ends in May. Two administration officials, who spoke on condition of anonymity, revealed that among the new candidates are David Zervos, Chief Market Strategist at Jefferies; former Federal Reserve Governor Larry Lindsey; and BlackRock‘s Chief Investment Officer for Global Fixed Income, Rick Rieder.

This list supplements eight other candidates confirmed by CNBC, which include Michelle Bowman, the Fed’s Vice Chair for Supervision; Chris Waller, a Fed Governor; and Philip Jefferson, another Fed Vice Chair. Additionally, other candidates on the list comprise Marc Summerlin, an economic advisor from the Bush Administration; Lorie Logan, President of the Dallas Fed; and James Bullard, the former President of the St. Louis Fed.

President Donald Trump has also considered Kevin Hassett, director of the National Economic Council, and former Fed Governor Kevin Warsh as potential candidates. The administration described the selection process as ‘deliberative,’ with Treasury Secretary Scott Bessent tasked with interviewing all candidates before presenting a final list to the president.

The length of the selection process suggests that a decision may not be reached quickly, though officials did not provide a specific timeline. If the process takes too long, it may hinder the appointment of someone to act as ‘shadow fed chair’ prior to Powell’s departure, which could complicate monetary policy.

Despite vocally criticizing Powell, Trump has indicated he will not attempt to replace him before May. Most of the candidates have called for varying reforms at the Fed, but most also support the central bank’s independence and possess experience in monetary policy and finance.