The Race for Fed Chair: Trump’s 11 Candidates to Lead America’s Central Bank

With Jerome Powell’s term as Federal Reserve Chair set to expire in May 2026, President Trump is considering an extensive list of candidates to lead America’s central bank. According to recent reports, the administration is evaluating 11 potential nominees through a deliberative process led by Treasury Secretary Scott Bessent. 💼

The Selection Process 🔍

The Trump administration has outlined a thorough vetting process where Treasury Secretary Scott Bessent will interview all candidates, narrow down the list, and present final recommendations to the president. This methodical approach suggests the decision may take considerable time, reducing the likelihood of a “shadow Fed chair” situation months before Powell’s departure.

Leading Candidates 🏆

Based on prediction markets and administration sources, here are the top contenders:

Kevin Warsh

• Position: Former Federal Reserve Board Governor (2006-2011)
• Background: Served during the 2008 financial crisis, known for market-friendly, pro-growth policies
• Wikipedia: Kevin Warsh

Kevin Hassett

• Position: Current Director of the National Economic Council
• Background: Former Chair of the Council of Economic Advisers under Trump, economist with Fed and AEI experience
• Wikipedia: Kevin Hassett

Christopher Waller

• Position: Current Federal Reserve Governor
• Background: Currently serving on FOMC, recently advocating for lower interest rates, prescient about weakening job market
• Wikipedia: Christopher Waller

The Full Candidate Pool 📋

According to CNBC’s reporting, the complete list includes:

Current Fed Officials

• Michelle Bowman - Fed Vice Chair for Supervision
• Philip Jefferson - Fed Vice Chair
• Christopher Waller - Fed Governor

Regional Fed Presidents

• Lorie Logan - President of Dallas Federal Reserve
• James Bullard - Former President of St. Louis Federal Reserve

Private Sector Leaders

• David Zervos - Chief Market Strategist at Jefferies
• Rick Rieder - Chief Investment Officer for Global Fixed Income at BlackRock

Former Government Officials

• Larry Lindsey - Former Fed Governor and economic advisor
• Marc Sumerlin - Economic advisor in Bush administration

Current Administration

• Kevin Hassett - Director of National Economic Council
• Kevin Warsh - Former Fed Governor

Key Policy Considerations 📊

The selection comes at a critical time for monetary policy:

Interest Rate Priorities

Trump has consistently criticized Powell for not lowering rates fast enough. Several candidates, including Christopher Waller and Michelle Bowman, have recently advocated for rate cuts, aligning with the administration’s preferences.

Economic Expertise

Most candidates bring substantial experience in:

• Monetary policy formulation
• Financial markets expertise
• Crisis management experience
• Private sector leadership

Fed Independence

Forbes analysis suggests that while the Chair may change, other FOMC members will likely remain unchanged, potentially limiting dramatic policy shifts regardless of who is selected.

Market Implications 📈

According to prediction markets like Polymarket and Kalshi, Christopher Waller currently leads as the favorite, though rankings have shifted throughout the summer. Key factors investors are watching:

• Policy Continuity: How much will monetary policy actually change?
• Market Reactions: Will a new Chair bring volatility or stability?
• Rate Trajectory: Could there be multiple cuts before the new Chair takes office?

Timeline and Next Steps ⏰

• Current Status: Powell’s term runs through May 2026
• Selection Process: Treasury Secretary Bessent conducting interviews
• Senate Approval: Any nominee must be confirmed by the Senate
• Policy Impact: Economic conditions may drive several rate cuts before transition

The Stakes 🎯

The Federal Reserve Chair role is one of the most influential economic positions globally, directly impacting:

• Interest rates affecting millions of Americans
• Dollar strength and international trade
• Banking regulation and financial stability
• Employment and inflation targets

With an economy still navigating post-pandemic challenges and evolving global dynamics, the next Fed Chair will inherit significant responsibilities in guiding American monetary policy.

Sources:

• CNBC: Trump considering 11 candidates for Fed chair
• Forbes: Leading candidates for next Federal Reserve Chair

This analysis reflects the current state of the selection process as of August 2025. The situation continues to evolve as the administration conducts its deliberative process.