Race for Fed Chair: Trump Expands List of Contenders Amidst Pressure on Powell
U.S. Treasury Secretary Scott Bessent is spearheading the search for Jerome Powell's successor as Federal Reserve Chair. The search includes prominent figures like James Bullard and Marc Sumerlin among others. President Trump's insistence on appointing a lower rates proponent has influenced the selection process.
In a bid to find a new Federal Reserve Chair, U.S. Treasury Secretary Scott Bessent is overseeing an expanded roster of potential successors to replace Jerome Powell. The search, confirmed by sources, includes St. Louis Fed President James Bullard and former economic adviser Marc Sumerlin, among others.
President Donald Trump, who has long pressured Powell to reduce interest rates, has already narrowed his choices to four candidates. Kevin Hassett, Kevin Warsh, and Christopher Waller are still in the running, reinforcing Trump's preference for lower rates advocates.
The timing of a new appointment remains uncertain. With Fed Governor Adriana Kugler's recent resignation, Trump has appointed Stephen Miran to serve out her term, while continuing his search for a long-term candidate for the Federal Reserve Board.
(With inputs from agencies.)
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