The Trump administration is evaluating 11 potential candidates to succeed Federal Reserve Chairman Jerome Powell when his term ends in May. According to two administration officials familiar with the matter, the shortlist includes three names not previously made public: Jefferies Chief Market Strategist David Zervos, former Fed Governor Larry Lindsey, and Rick Rieder, who serves as chief investment officer for global fixed income at BlackRock.
These three join eight other candidates already confirmed to be under consideration. The list includes Fed Vice Chair for Supervision Michelle Bowman, Fed Governor Chris Waller, and Fed Vice Chair Philip Jefferson. Other contenders are Marc Sumerlin, an economic advisor during the Bush administration; Dallas Fed President Lorie Logan; and former St. Louis Fed President James Bullard. President Donald Trump has also acknowledged that Kevin Hassett, director of the National Economic Council, and former Fed Governor Kevin Warsh are on his list of possible replacements.
Selection Process and Timeline
Officials described the selection as a “deliberative process” that will see Treasury Secretary Scott Bessent conduct interviews with all candidates. Once the interviews are completed, the list will be narrowed down and presented to the president, who will make the final decision. While no specific timeline has been offered, the scope of the list and the depth of the process suggest a decision may take time. The longer the process continues, the less likely there will be a so-called “shadow” Fed chair in place months before Powell’s departure, a situation some economists say could disrupt monetary policy continuity.
Although President Trump has been openly critical of Powell on a near-daily basis, he has stepped back from earlier suggestions that he might remove the Fed chair before the official end of his term. Many of the candidates under consideration have expressed varying views on reforming the Federal Reserve, but most have supported its independence and have deep experience in monetary policy and financial markets.
Author’s Opinion
Whoever is chosen to replace Powell will inherit a complex economic environment, and the choice could signal a significant policy shift. If the administration picks someone more aligned with Trump’s economic views, the Fed’s approach to interest rates, inflation control, and financial regulation could change rapidly. Markets will be watching closely, as a leadership transition at the Fed often brings uncertainty — and with it, potential volatility.
Featured image credit: Heute
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