Federal Reserve Chairman Jerome Powell conducts a information convention after a gathering of the Federal Open Market Committee on Wednesday, July 30, 2025.
Tom Williams | CQ-Roll Call, Inc. | Getty Images
U.S. Treasury Secretary Scott Bessent is main a search for a successor to Federal Reserve Chair Jerome Powell, with an expanded record that features a longtime financial guide and a previous regional Fed president, a supply aware of the method advised Reuters on Friday.
The record contains St. Louis Fed President James Bullard and Marc Sumerlin, a former financial adviser to President George W. Bush, the supply mentioned, confirming an earlier report by The Wall Street Journal that mentioned there have been now about 10 contenders for the spot. President Donald Trump final week mentioned he had narrowed the record to 4.
National Economic Council director Kevin Hassett and former Fed governor Kevin Warsh stay into account, together with present Fed governor Christopher Waller, the supply advised Reuters.
Trump has pressured Powell all yr to chop rates of interest, constructing on his previous feedback important of the Fed chief that emerged throughout his first time period as president shortly after he elevated Powell to the Fed chair position. Powell’s time period ends in May. Critics have mentioned the president ought to let Fed chair Powell full his time period with out interference.
Hassett, Warsh and Waller have all signaled assist for decrease charges, which Trump had indicated could be a requirement for the job.
Bullard, who left the St. Louis Fed final yr to be dean of Purdue University’s enterprise faculty, was Waller’s boss earlier than Trump plucked the regional Fed’s analysis director from beneath Bullard to serve on the Fed Board. As just lately as May, he mentioned the Fed would most likely be capable of reduce charges by September.
The latest financial coverage views of Sumerlin weren’t instantly clear.
It was additionally not clear what a broader record of candidates would imply for the timing of an appointment.
The president moved rapidly to call an ally to the Fed Board this week after Fed Governor Adriana Kugler, a Biden appointee who didn’t assist price cuts, unexpectedly resigned as of the tip of this week. Council of Economic Advisers Stephen Miran will serve out the remaining months of Kugler’s time period, which ends on January 31.
Trump has indicated a search continues for somebody who may fill the Fed Board position for a 14-year time period starting Feb. 1.