The US government is expanding its search for a new Federal Reserve Chair, with officials considering multiple candidates to replace Jerome Powell next year. The list includes current Fed Vice Chairs Philip Jefferson and Michelle Bowman, as well as former St. Louis Fed President Jim Bullard and macro consultant Marc Sumerlin.
According to an administration official, the selection process is aimed at finding someone who can balance the central bank’s inflation-fighting credibility with Trump’s expectation of lower interest rates. The new chair will lead a large institution tasked with setting interest rates, regulating banks, and overseeing the payments system.
Many of the candidates have publicly stated their support for cutting borrowing costs but also emphasized the importance of the Fed’s insulation from short-term politics. Bullard has expressed his willingness to accept the job if it ensures success, protects the dollar’s value, and promotes low and stable inflation.
The search for Powell’s successor comes as Treasury Secretary Scott Bessent confirmed a formal process for choosing a new chair, but no timeline has been announced. Meanwhile, Trump has nominated his chief economist, Stephen Miran, to an open position on the Fed, sparking debate about the central bank’s political control.
Source: https://www.politico.com/news/2025/08/12/trump-powell-fed-chair-bessent-bullard-jefferson-00504784