Trump Considers 11 Candidates to Replace Fed Chair Powell by May 2025
The Trump administration is considering 11 potential successors to Federal Reserve Chairman Jerome Powell, whose term ends in May 2025...
Quick overview
- The Trump administration is evaluating 11 potential successors for Federal Reserve Chairman Jerome Powell, whose term ends in May 2025.
- New candidates include David Zervos, Larry Lindsey, and Rick Rieder, joining previously mentioned figures like Michelle Bowman and Chris Waller.
- The selection process is described as deliberative, with Treasury Secretary Scott Bentsen interviewing candidates to present a final choice to the president.
- Most candidates support the Fed's independence and have significant experience in monetary policy, indicating a focus on continuity and stability.
The Trump administration is considering 11 potential successors to Federal Reserve Chairman Jerome Powell, whose term ends in May 2025. Three new names have been added to the list: Jefferies Chief Market Strategist David Zervos, former Fed Governor Larry Lindsey, and BlackRock’s global fixed-income CIO Rick Rieder.
These join eight others previously confirmed by CNBC: Fed Vice Chair for Supervision Michelle Bowman, Fed Governor Chris Waller, and Fed Vice Chair Philip Jefferson. The list also includes former St. Louis Fed President James Bullard, Dallas Fed President Lorie Logan, and economic advisor Marc Sumerlin who served under the Bush administration.
President Trump has also considered Kevin Hassett, director of the National Economic Council, and former Fed Governor Kevin Warsh.
Structured Selection Process Underway
Two unnamed administration officials described the process as a “deliberative process.” Treasury Secretary Scott Bentsen will interview all candidates, narrow the list and present a final selection to the president.
- No timeline has been given.
- Delay may mean no shadow Fed chair in place before Powell departs.
- Officials say candidates generally support the Fed’s independence and have significant monetary policy experience.
🇺🇸 TRUMP ADMINISTRATION CONSIDERS 11 CANDIDATES TO REPLACE FED CHAIR POWELL
🔹 The Trump administration is considering 11 candidates to succeed Jerome Powell when his term ends in May
Newly revealed names
➤ David Zervos — Chief Market Strategist at Jefferies
➤ Larry Lindsey —…— ThuanCapitalGlobal (@ThuanGlobal) August 13, 2025
The length of the process suggests it won’t be soon. While Trump has been critical of Powell lately, he’s backed off from suggestions of an early replacement and is looking for a smooth transition.
Candidates’ Monetary Policy Profiles
Most of the candidates have publicly advocated for Fed reforms but support the Fed’s independence. Their combined experience includes:
- Financial Markets: Rieder and Zervos have institutional investment and market strategy experience.
- Monetary Policy: Former Fed governors and presidents like Lindsey and Bullard have interest rate management experience.
- Regulatory Oversight: Bowman and Jefferson have shaped banking supervision policies.
Analysts say the administration’s broad list reflects a balance of market confidence, regulatory experience and reform-minded thinking. This approach means continuity and stability for U.S. monetary policy as Powell’s term winds down.
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