The race to become the next chair of the Federal Reserve is intensifying, with several prominent figures under consideration. According to administration officials, current Fed Vice Chairs Michelle Bowman and Philip Jefferson, along with Dallas Fed President Lorie Logan, are being vetted for the top position. The term of the current chair expires next year, prompting a comprehensive search for a successor. Treasury Secretary Scott Bessent is spearheading the selection process and is expected to conduct interviews with further candidates in the coming weeks. An official announcement from the president is anticipated this northern autumn.
Alongside Bowman, Jefferson and Logan, other individuals remain in contention for the role. These include Kevin Hassett, a former economic advisor to Trump, current Fed Governor Christopher Waller, economist Marc Sumerlin, and former Fed officials Kevin Warsh and James Bullard. The diverse range of candidates suggests a broad consideration of potential leadership styles and economic philosophies for guiding the central bank.
In related news, Stephen Miran, chair of the White House’s Council of Economic Advisers, was recently nominated by the former president to fill a seat on the Fed’s Board of Governors. This position became available following Adriana Kugler’s decision to step down early. Miran’s nomination awaits confirmation.
The Federal Reserve is the central banking system of the United States. It conducts the nation’s monetary policy, supervises and regulates banks, and maintains the stability of the financial system.
