Trump Evaluates 11 Candidates for Federal Reserve Chair Position

ISTANBUL — U.S. President Donald Trump is weighing 11 candidates to succeed Federal Reserve Chairman Jerome Powell when his term ends in May. The list includes both well-known figures and new names, according to administration sources who spoke with CNBC.

The new candidates include David Zervos, Chief Market Strategist at Jefferies, former Fed Governor Larry Lindsey, and Rick Rieder, the Chief Investment Officer for Global Fixed Income at BlackRock. They join acknowledged candidates such as Fed Vice Chair for Supervision Michelle Bowman, Fed Governor Chris Waller, and Fed Vice Chair Philip Jefferson.

Other contenders under consideration are Marc Sumerlin, an economic advisor in the George W. Bush administration, Dallas Fed President Lorie Logan, and former St. Louis Fed President James Bullard. Trump recently mentioned that former Fed Governor Kevin Warsh and National Economic Council Director Kevin Hassett are also on his list.

According to officials, Treasury Secretary Scott Bessent will conduct interviews with each candidate. He will narrow down the list and present a final selection to Trump for approval. However, the timeline for this decision remains unclear, as the deliberative process suggests it could take some time.

While some have speculated about the possibility of a “shadow Fed chair” temporarily taking over before Powell’s departure, the length of this process could diminish that likelihood. Trump’s relationship with Powell has been turbulent, with ongoing criticism from the president regarding the Fed’s interest rate policies.

Despite Trump’s calls for interest rate reductions, the Fed has not made changes to rates in its last five meetings. Most candidates under consideration express a commitment to the independence of the Fed, although they differ on levels of reform.