The Trump administration is considering replacing 11 candidates as chairman of the Federal Reserve Jerome Powell when his term in May, including three, who have not yet been publicly named, according to two administrative officials who refused to be named.
The new names include the chief strategy of Jefferies, David Zervos, the former governor of the FED, Larry Lindsey, and Rick Rieder, Chief Investment Officer for Global Fixed Income at BlackRock.
You are now joining a list of eight other candidates that CNBC has confirmed, including Fed Vice Chair for Supervision Michelle Bowman, Fed Governor Chris Waller and Fed Vice Chair Philip Jefferson. The candidates Marc Sumerlin, an economic advisor in the Bush government, the president of Dallas Fed Lorie Logan and the former President of the St. Louis Fed, James Bullard, also confirmed the officials.
David Zervos, Chief Market Strategist at Jefferies LLC, during the Iconnections Global Alts 2024 Event in Miami Beach, Florida, USA, on Tuesday, January 30, 2024. Spokesman for the event will share insights and strategies in connection with alternative investments.
Eva Marie Uzcategui/ | Bloomberg | Getty pictures
President Donald Trump recently shared CNBC in an interview that Kevin Hassett, director of the National Economic Council and former governor of Fed, Kevin Warsh, were among the list.
The officials described an “advisory process” in which the finance minister Scott Besser interview all candidates, frees the list on the list and will pass on a final list to the president for his decision.
The size of the list and the process described suggest that a decision is not imminent and could take a considerable time. But the officials would not offer a schedule.
Rick Rieder, Senior Managing Director of Blackrock, spoke on September 28, 2023 at the Alpha Conference in New York City.
Adam Jeffery | CNBC
The longer the process lasts, the less likely a so-called shadow-fed chair is to be annoying for monetary policy for several months before Powell has been completed.
Although Trump – almost daily – is critical of Powell, he has withdrawn suggestions that he could replace the Fed chair before the end of his term in May.
While many of the candidates have supported themselves for various reforms of the FED, most have supported their independence and have experience in monetary policy and financial markets.
Do not miss these findings from CNBC Pro
(Correction: Constitution of Marc Sumerlin's name.)