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Investing.com -- President Trump’s team has added former St. Louis Fed President James Bullard and economic consultant Marc Sumerlin to the list of candidates being considered for Federal Reserve chairman, according to a report from the Wall Street Journal, citing senior administration officials.
The expanded list of approximately 10 candidates now includes Bullard, Sumerlin, National Economic Council director Kevin Hassett, Fed governor Christopher Waller, and former Fed governor Kevin Warsh.
Sumerlin previously served as an economic adviser to President George W. Bush before becoming an economic consultant.
Treasury Secretary Scott Bessent will lead the search process for the next Fed chair, officials said. Bessent will conduct initial interviews with all candidates before recommending a final shortlist to President Trump for personal meetings.
On Thursday, Bloomberg News reported that Waller has emerged as the top candidate to replace Jerome Powell. Waller, along with Michelle Bowman, wanted a 1/4 point rate cut at the July meeting. In today’s report from the Journal, it was reported that some remain skeptical of Waller’s candidacy and regard him as a long shot.
Also on Thursday, Trump nominated Stephen Miran to fill a vacant seat on the Federal Reserve Board, following the abrupt resignation of Governor Adriana Kugler last week. In the past, Bessent has suggested that the next person nominated to the Board by the administration could be the next Fed chair.
The president has been publicly criticizing Powell for months for not lowering interest rates, nicknaming him "Too Late."
It appears all but certain that Powell will no longer be Fed chair once his term expires in May 2026.
(Frank DeMatteo contributed to this report)