Forget the $200 million ballroom.
The White House is going to need a bigger tent to hold the growing list of candidates to replace Jerome Powell when his term as Federal Reserve chair expires in May.
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President Donald Trump has added new contenders as part of what is being called a “deliberative” strategy to tap a replacement for Powell.
There’s a “big list” of potential Fed chair replacements
There are 10 or 11 candidates under consideration to succeed Jerome Powell when his term as chair ends in May, Treasury Secretary Scott Bessent told Bloomberg Aug. 13.
Bessent didn’t reveal the names.
“We’re working on the big list right now,” he said, adding that two more names might be “revealed” soon.
Related: White House expands search to replace Fed Chair Powell
Bessent doesn’t expect Stephen Miran, whom President Trump has nominated to fill the existing temporary opening on the Fed board, to stay on after January when that term is up.
A new 14-year term opens at that point, and Bessent’s comments indicate the president would pick a new candidate.
Unless there’s another unscheduled opening on the Fed board, Powell’s replacement would need to come from either the slot that will be open in January, or from the Fed chair’s own seat on the board.
That option is more complicated because Powell’s governorship extends into 2028, and he hasn’t clarified if he’ll leave the board when his term as chair ends.
Related: Surprising CPI report sparks mixed Fed interest rate cut forecasts
Historically, Fed chairs don’t stick around once their terms end. Powell has declined to share his plans.
Bessent is overseeing the expansion. After conducting initial interviews, he will send a short list to President Trump to make his final choice.
Bessent is said to be aiming for a diverse field capable of balancing rate-cut sensitivities and internal reforms with institutional and nonpartisan credibility at the independent central bank.
He has declined to present a timeline, but it appears a final nominee will be named later in the fall and sent to the Senate for confirmation.
Newest names on President Trump’s list of possible Powell successors
President Trump is considering candidates including David Zervos, chief market strategist at Jefferies; Rick Rieder, chief investment officer for global fixed income at BlackRock; and former Fed Governor Larry Lindsey, CNBC reported Aug. 13.
Other candidates who remain under consideration include:
- Kevin Hassett, a close economic adviser to Trump
- Fed Governor Christopher Waller, a Trump appointee
- Economist Marc Sumerlin
- Kevin Warsh, a former Fed governor
- James Bullard, former head of the St. Louis Fed
- Philip Jefferson, a Fed vice chair
- Michelle Bowman, a Fed vice chair
- Lorie Logan, Dallas Fed president
Bessent is overseeing the expansion. After conducting initial interviews, he will send a short list to the president to make his final choice.
More Federal Reserve:
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- Trump deflects reports on firing Fed Chair Powell ‘soon’
- Former Federal Reserve official sends bold message on ‘regime change’
Bessent said he’s aiming for a diverse field capable of balancing rate-cut sensitivities and internal reforms with institutional and nonpartisan credibility at the independent central bank.
Trump has strongly and bluntly indicated he would like the next chair to share his view toward aggressive monetary policy.
Waller is the leading candidate with a 30% probability of winning the Fed chairman position, according to the betting platform Kalshi.
Bullard told CNBC that he’d consider the post if “set up for success,” stressing “low and stable inflation,” respect for Fed independence, and a strengthened dollar. He advocated for aggressive rate cuts starting as early as September.
Rieder this week reinforced his dovish tilt by calling current market conditions exceptional and suggesting there’s room for a 1 percentage-point interest rate cut, aligning closely with views supporting monetary easing.
