U.S. President Donald Trump is considering 11 candidates to replace Federal Reserve Chair Jerome Powell when his term ends in May next year.
The list includes BlackRock’s CIO Rick Rieder, Jefferies strategist David Zervos, former Fed Governor Larry Lindsey, and other top policymakers, according to CNBC.
Treasury Secretary Scott Bessent will interview all candidates, create a shortlist, and pass it to Trump for the final choice. Some candidates have voiced support for rate cuts, aligning with Trump’s monetary goals.
Rieder, Zervos, and Lindsey are new additions to the candidate list. They join Fed Vice Chair for Supervision Michelle Bowman, Fed Governor Chris Waller, and Fed Vice Chair Philip Jefferson.
Other names on the list include Marc Summerlin, Dallas Fed President Lorie Logan, former St. Louis Fed President James Bullard, and the “two Kevins,” Kevin Warsh and Kevin Hassett, who Trump has confirmed.
Polymarket data shows Chris Waller remains the leading candidate, with a 27.5% chance of being chosen. Warsh and Hassett each have roughly a 10% chance.
The report suggests the final announcement may be delayed until next year, with a 36% probability that no decision will occur before December 31. This timeline makes the idea of a “shadow Fed chair” unlikely.
Many candidates have experience in monetary policy and financial markets. They have supported the Fed’s independence while advocating for reform.
Rieder, in particular, had publicly called for a rate cut before the July Federal Open Market Committee meeting. Waller and Bowman, as current FOMC members, voted in favor of a cut at the same meeting.
Trump has been critical of Powell, but he has not moved to replace him before the end of his term. The list of candidates shows the administration is taking a careful approach, interviewing and reviewing each candidate thoroughly.
“Two Kevins” and other top officials highlight the mix of private and public sector experience. The selection process will take several months, allowing careful review rather than a rushed decision.
Also Read: Trump Considers Suing Powell Amid Calls for Fed Rate Cut
