Federal Reserve Governor Christopher Waller is rumored to be the likely favorite to replace current Federal Reserve Chairman Jerome Powell, Bloomberg reported on Thursday.
According to sources who spoke with the outlet on condition on anonymity, Waller has met with President Donald Trump's team but has not met with the president himself. The administration has been impressed by Waller's tendency to act on policy based on forecasting as opposed to current market data, as well as his knowledge of the Federal system. Vice President JD Vance, Commerce Secretary Howard Lutnick, and Treasury Secretary Scott Bessent are on the search committee.
In July, Waller appeared on Bloomberg TV and was asked "is it a position you would like? Is it something you would like to do?" to which he responded, "In 2019, the president contacted me and said, 'Would you serve?' and I said yes. If the president contacted me and asked me to serve, I would do it. But he has not contacted me.
"If he says 'Chris, I want you to do the job' I'll say yes," Waller added. The outlet published an opinion essay last month that supported Heller and labelled him "Trump's Best Powell Replacement."
The Trump administration has been at odds with Powell for months over his failure to lower interest rates and talk of a potential replacement have followed suit. Others have speculated that Trump is looking to use the $2.5 billion renovation project of the Federal Reserve headquarters as a reason to fire the chairman. The Fed has denied any wrongdoing and asserts that the White House lacks authority over its facilities.
On Tuesday, Trump told CNBC's "Squawk Box" that he had narrowed down a list of potential replacements to four, which include Kevin Hassett, director of the National Economic Council, and Kevin Warsh, a former member of the Federal Reserve Board of Governors.
"I think Kevin and Kevin, both Kevins, are very good," Trump said. The president noted two other people that were under consideration but did not name them only confirming that Bessent was not on the list.
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