As the term of Federal Reserve Chair Jerome Powell nears its end in May 2026, the spotlight turns to the pivotal decision of who will lead the United States central bank next. Former President Donald Trump is actively considering an expanded list of 11 candidates, signaling a broad approach to selecting the next Fed chair. This search encompasses a mix of experienced public officials and private-sector heavyweights, reflecting the critical role the Fed chair plays in shaping monetary policy and steering the economy.
Expanding the Candidate List: A Blend of Expertise
Among the candidates under consideration are notable financial experts from both government and private sectors. David Zervos, chief market strategist at Jefferies LLC and head of global macro at Leucadia Asset Management, stands out with a rich background that includes advising at the Federal Reserve Board and managing global macro investment portfolios. His expertise in economics and market trends offers a fresh perspective outside the traditional Fed governance circle.
Rick Rieder, BlackRock’s chief investment officer of global fixed income, also features prominently. With more than three decades in investment management and leadership roles at major firms like Lehman Brothers and BlackRock, Rieder commands deep knowledge of financial markets and risk management. His involvement in charitable and educational initiatives further underscores his commitment to broader social impact.
The candidate list also includes familiar Fed names such as Michelle Bowman, Fed vice chair for supervision; Chris Waller, a current Fed governor gaining unexpected favor; Philip Jefferson, Fed vice chair; Lorie Logan, president of the Dallas Fed; and former St. Louis Fed president James Bullard. Other seasoned figures from previous administrations and economic advisory roles round out the group, offering diverse viewpoints on monetary strategy.
What’s Driving the Search? Balancing Economy and Politics
Trump’s widened search reflects a desire to find someone who can balance economic expertise with an approach aligned to broader goals for American prosperity. Treasury Secretary Scott Bessent is overseeing interviews, emphasizing that the search transcends ideology and prioritizes economic benefits for the country. Trump’s comments reveal a willingness to consider a spectrum of candidates, including those from different political or economic backgrounds, with an eye toward delivering a strong, market-friendly monetary policy.
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