Treasury Secretary Scott Bessent said he is considering three people for the position of Federal Reserve chair, which will become vacant next year, Bloomberg reported.
Michelle Bowman and Philip Jefferson, two vice chairs at the Federal Reserve, and Dallas Fed President Lorie Logan are under consideration, two administration officials told Bloomberg.
Bessent, who is leading the search, will be interviewing other candidates in the coming weeks, sources told Bloomberg. President Donald Trump is expected to make a final announcement in the fall, Bloomberg said.
Kevin Hassett, a Trump economic adviser, economist Marc Sumerlin, and former Fed officials Kevin Warsh and James Bullard are also under consideration, Bloomberg reported.
Trump has been a harsh critic of Federal Reserve Chair Jerome Powell for refusing to cut interest rates. Powell's term expires next May, though he can remain as governor until 2028.
While serving as vice chair, Bowman voted in favor of a quarter-percentage point cut in interest rates, Bloomberg reported. She was appointed to the Federal Reserve in 2018 by Trump.
Jefferson would be the first Black chair of the Federal Reserve, having been appointed to the board by President Joe Biden in 2022 and appointed vice chair in 2023 by Biden. His confirmations received bipartisan support. He has supported keeping interest rates steady, Bloomberg reported.
Logan was appointed by the directors at the Dallas Fed as president in 2022. She has also supporting maintaining interest rates at their current level, Bloomberg said.
Sam Barron ✉
Sam Barron has almost two decades of experience covering a wide range of topics including politics, crime and business.
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