The Trump administration is considering 11 candidates to replace Federal Reserve Chairman Jerome Powell when his term expires in May, including three who have not previously been publicly named, according to two administration officials who declined to be named.
The new names include Jefferies Chief Market Strategist David Zervos, former Fed Governor Larry Lindsey and Rick Rieder, chief investment officer for global fixed income at BlackRock.
They now join a list of eight other candidates that CNBC has confirmed are under consideration, including Fed Vice Chair for Supervision Michelle Bowman, Fed Governor Chris Waller and Fed Vice Chair Philip Jefferson. The officials also confirmed the candidates include Marc Sumerlin, an economic advisor in the Bush administration, Dallas Fed President Lorie Logan and former St. Louis Fed President James Bullard.
David Zervos, chief market strategist at Jefferies LLC, during the iConnections Global Alts 2024 event in Miami Beach, Florida, US, on Tuesday, Jan. 30, 2024. Speakers at the event will share insights and strategies related to alternative investments.
Eva Marie Uzcategui/ | Bloomberg | Getty Images
President Donald Trump recently told CNBC in an interview that Kevin Hassett, director of the National Economic Council and former Fed Governor Kevin Warsh were among those on his list.
The officials described a “deliberative process” where Treasury Secretary Scott Bessent will interview all of the candidates, winnow down the list and pass on a final list to the president for his decision.
The size of the list and the process described suggest a decision is not imminent and could take a considerable amount of time. But the officials would not offer a timetable.
Rick Rieder, BlackRock’s senior managing director, speaking at the Delivering Alpha conference in New York City on Sept. 28, 2023.
Adam Jeffery | CNBC
The longer the process takes, the less likely there is to be a so-called shadow Fed chair in place for several months before Powell leaves, which some have suggested would be disruptive for monetary policy.
Though sharply critical — on an almost daily basis — of Powell, Trump has backed off suggestions he might replace the Fed chair before the end of his term in May.
While many of the candidates have advocated various levels of reform at the Fed, most have supported its independence and have experience in monetary policy and financial markets.
(Correction: Fixed spelling of Marc Sumerlin’s name.)