The shortlist of five candidates for the successor to the Federal Reserve Chair has been confirmed, with the final selection to be announced by the end of the year
U.S. Treasury Secretary Becerra confirmed a list of five candidates to succeed Federal Reserve Chairman Jerome Powell, with President Trump expected to make a final decision by the end of the year. The candidates include current Federal Reserve Governor Christopher Waller, Michelle Bowman, former Federal Reserve Governor Kevin Warsh, White House National Economic Council Director Kevin Hassett, and BlackRock executive Rick Rieder. Trump criticized Powell for failing to effectively cut interest rates, impacting economic development
According to the Zhitong Finance APP, U.S. Treasury Secretary Mnuchin confirmed on Monday the final list of five candidates to succeed Federal Reserve Chairman Jerome Powell. President Trump stated that he expects to make a final decision by the end of this year.
Mnuchin revealed on Air Force One that the candidate pool has been narrowed down to five individuals: current Federal Reserve Board members Christopher Waller and Michelle Bowman, former Federal Reserve Governor Kevin Warsh, White House National Economic Council Director Kevin Hassett, and BlackRock executive Rick Rieder.
Mnuchin, who is leading the selection process, reiterated his plan to conduct a new round of interviews and hopes to submit a "high-quality candidate list" to Trump after the Thanksgiving holiday.
Trump himself also stated that he expects to finalize the nominee by the end of this year.
"The person currently in office is not wise at all," Trump reiterated his consistent criticism of Powell in an interview, claiming that Powell has hindered U.S. economic development by failing to significantly cut interest rates.
Currently, there is widespread expectation that Federal Reserve policymakers will announce a 25 basis point rate cut at the two-day policy meeting ending on October 29. This would mark the Federal Reserve's second consecutive rate cut. Before policymakers resumed rate cuts, Trump had expressed a desire for the Federal Reserve to lower rates by 300 basis points.
Additionally, Trump reiterated on Monday that he does not expect Mnuchin to leave his current position to take over the Federal Reserve.
It is understood that the next chairman is likely to receive a 14-year term as a Federal Reserve governor, which will become vacant in early 2026, while Powell's term as chairman will expire in May next year
