Trump Expands Fed Chair Search to 10 Candidates from Initial Three

President Donald Trump has expanded the search for the next Federal Reserve chair from an initial three finalists to approximately ten candidates, signaling a broader and more deliberate approach to selecting a leader for the central bank. The updated list includes former St. Louis Fed president James Bullard, economic consultant Marc Sumerlin, National Economic Council director Kevin Hassett, Fed governor Christopher Waller, and former Fed governor Kevin Warsh [1][3]. Treasury Secretary Scott Bessent has been tasked with leading the interviews, though he has reportedly declined the chairmanship himself [2].

This expansion comes after Trump had initially stated that the process was narrowed down to three candidates, including Warsh and Hassett [3]. However, the addition of new names suggests a shift in strategy, with White House advisers advocating for a more diverse field of candidates [2]. The decision to include Bullard and Sumerlin—figures who had not previously been publicly discussed as options—aligns with this broader strategy [3].

Bullard, who stepped down from the St. Louis Fed in 2022, has previously recommended Waller for a Fed board seat, and has expressed openness to taking on the chair role if offered [3]. Sumerlin brings experience from the George W. Bush administration and has collaborated with Bessent on economic advisory work [1]. Waller, meanwhile, has already met with Bessent and reportedly left a strong impression [1].

The timing of the expansion is notable. Current Fed Chair Jerome Powell’s term ends in May 2026, and if he chooses to remain on the board, Trump may face a limited window for reshaping the Fed’s leadership. Some in the administration have reportedly been pushing for a more strategic approach that could diminish Powell’s influence well before his term ends. One such strategy involves naming a “phantom Fed chair” months ahead of time, which could shift market attention away from Powell’s policy guidance [1].

The broader economic context—characterized by ongoing inflation and potential recession risks—adds weight to the selection process. The chosen nominee is expected to play a pivotal role in shaping the trajectory of U.S. monetary policy in the coming years [3]. With Bessent overseeing the process and Trump reportedly planning to interview the finalists personally, the administration appears to be balancing both efficiency and thoroughness in its search [1].

The expanded pool also reflects a pattern seen in Trump’s recent personnel decisions. Similar to his approach when selecting a Treasury secretary in November, Trump had initially narrowed the field before deciding to meet with additional candidates [1]. This method suggests a willingness to reassess and adjust based on new information, even if it means extending the timeline.

As the process unfolds, financial markets will be closely watching for any indication of Trump’s final decision. With more than 90% of market reactions to Powell expected to fade once a new chair is named, the stakes are high [1]. The administration’s deliberate approach, while thorough, may also prolong the confirmation process, adding uncertainty to the central bank’s leadership timeline.

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[1] title1: Trump's Team Expands Search for Fed Chair, Adding New ...

url1: https://www.wsj.com/economy/central-banking/trump-fed-reserve-chair-search-expansion-3fe4ceaa?gaa_at=eafs&gaa_n=ASWzDAjhHpEPLdwERURsb5IecZErxcrQHyM3jXdnlhYpQesr9wPlA3yFFY09&gaa_sig=xwAwgiuAwhYrTl32Wr-hPEjfG-_CBLuxtaYUOKnkQp_oJMlMutAk61W3pBooYkgD4WsAxaznZqNBLIuLdI4u3w%3D%3D&gaa_ts=689674e5

[2] title2: Trump circles wider field for Fed chair, now reviewing 10 ...

url2: https://www.cryptopolitan.com/trump-wider-field-for-fed-chair-10-picks/

[3] title3: Trump's team expands search for Fed chair to about 10 ...

url3: https://gazette.com/news/us-world/trump-s-team-expands-search-for-fed-chair-to-about-10-names-wsj-reports/article_33434b55-c6a2-54dc-8f55-7cb836a16c0f.html