Trump is soon expected to announce his Fed chair pick. Here’s who’s who on the short list
Federal Reserve Chair Jerome Powell at a news conference in Washington
By Bryan Mena, Annette Choi
Washington (CNN) — The Trump administration’s search for who will lead the Federal Reserve next year is well underway, and there are five people on the short list to become the most powerful figure in the US economy.
Few people wield as much influence over financial markets and the global economy as the head of the US central bank. A few words from the Fed chair can move markets and shift billions of dollars. It’s a role so consequential that President Donald Trump has even mused about taking it for himself.
Trump has made no secret of his distaste for Fed Chair Jerome Powell, whose term ends in May. Trump has, at various points, said he would fire Powell or force him to resign; berated him for not lowering interest rates; and called on the Fed’s Board of Governors to oust him. Now, finally, Trump has an opportunity to reshape the central bank in his own image — and he is seizing it.
Trump is expected to name his pick for a replacement as soon as December. That would be the earliest any president has announced a Fed chair nominee before the incumbent steps down.
It could result in a scenario in which months go by with dueling narratives on the US economy, one dictated by Powell and the other by Trump’s nominee, who would be considered the “shadow Fed chair.”
Treasury Secretary Scott Bessent, who is leading the administration’s search, said he interviewed about a dozen candidates around Labor Day, but said Monday he has narrowed it down to five people. Their backgrounds include the White House, the Fed, and the private sector.
The deliberations remain fluid, according to people familiar with the matter, and the decision is ultimately up to Trump.
Whoever Trump picks will be subject to confirmation by the Republican-controlled Senate, and will lead the central bank as it juggles competing priorities after the administration’s sweeping economic policies raised the risk of higher inflation and weaker economic growth. Fed policymakers are currently divided on how Trump’s policies are affecting the economy.
Here’s who’s who on the administration’s short list for the top job at the Fed.
The-CNN-Wire
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