The Trump administration is considering 11 candidates to replace Federal Reserve Chairman Jerome Powell when his term expires in May, CNBC reports.
The list includes three names not previously disclosed: Jefferies Chief Market Strategist David Zervos, former Fed Governor Larry Lindsey, and Rick Rieder, chief investment officer for global fixed income at BlackRock.
The eight other names being floated include: Fed Vice Chair for Supervision Michelle Bowman, Fed Governor Chris Waller, Fed Vice Chair Philip Jefferson, Dallas Fed President Lorie Logan, former St. Louis Fed President James Bullard, National Economic Council Director Kevin Hassett, former Fed Governor Kevin Warsh, and Marc Summerlin, an economic advisor in the Bush administration.
The extensive list suggests that a decision is not imminent and that President Trump is unlikely to name a “shadow Fed chair” several months before Powell leaves, which many believe would be disruptive to monetary policy.
While Trump has been vocal in his criticism of the Fed’s decision to keep interest rates steady, blasting Powell on a nearly daily basis, the president has backed away from suggestions he would fire the Fed chair.
Although many of the candidates have advocated reform at the Fed, most support its independence and are experienced in monetary policy and financial markets.
Lee Barney ✉
Lee Barney, Newsmax’s financial editor, has been a financial journalist for 30 years, covering the economy, retirement planning, investing and financial technology.
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