The Trump administration is considering 11 candidates to replace Federal Reserve Chairman Jerome Powell when his term expires in May.
The new names include Jeffreys Chief Market Strategist David Zelvos, former Fed Gov. Larry Lindsey and Rick Leader, and the Chief Investment Officer of BlackRock’s Global Bonds.
They will now join a list of eight other candidates that CNBC has confirmed to be under consideration. Authorities also confirmed that the candidates include economic adviser to the Bush administration, Mark Summerlin, federal president of Dallas, and former St. Louis Fried James Bullard.
David Zervos, chief market strategist at Jefferies LLC, will share insights and strategies related to alternative investments during the IConnections Global Alt 2024 event held in Miami Beach, Florida, USA on Tuesday, January 30th, 2024.
Eva Marie Uzcategui/ |Bloomberg |Getty Images
President Donald Trump recently told CNBC in an interview that Kevin Hassett, director of the National Economic Council and former Fed governor Kevin Worsh, is on his list.
Officials described the “deliberation process” in which Treasury Secretary Scott Bescent interviews all candidates, keeps the list on the list and passes the final list to the president for his decision.
The size of the list and the process described suggests that decisions are not imminent and can take quite a while. However, officials do not provide timetables.
BlackRock Senior Managing Director Rick Rieder spoke at the Alpha Conference held in New York City on September 28, 2023.
Adam Jeffrey | CNBC
The longer the process takes, the less likely it is that a so-called shadow-producing chair will be installed for several months before Powell leaves.
Powell’s sharp and critical almost every day, but Trump supported a proposal that might replace the Fed’s chair by the end of May.
Many of the candidates advocate for various levels of reform in the Fed, but most support their independence and have experience in monetary policy and financial markets.
