New names join the list of eight other candidates, which – as confirmed by CNBC – is also considering the White House. Among them are, among others Fed Vice -President for Supervision Michelle Bowman, Fed Board Member Chris Waller and Fed Vice -President Philip Jefferson. The sources also confirm the presence of Marc Summerlin, economic adviser to George W. Bush, president of the FED branch in Dallas Lorie Logan and former president of the FED branch in St. Louis James Bullard.
Donald Trump in a recent interview with CNBC admitted that His list also includes Kevin Hassett, director of the National Economic Council, and a former board member of the Fed Kevin Warsh board.
According to officials, the selection process is “prudent”, and the treasury secretary Scott Bessent will conduct talks with all candidates, then narrow down the list and pass it on to the president who will make the final decision. However, the sources do not provide any schedule.
Trump changes his mind about Powell
Such a large number of candidates and the procedure described suggest that the decision will not be made quickly. The longer the process takes, the less likely the so -called “Shadow of the Fed President” a few months before Powell's departure – solutions that, according to some observers, could interfere with the conduct of monetary policy.
Although Trump criticized Powell many times and sharply, he withdrew from earlier suggestions that he could cancel him before the end of his term. Most of the candidates under consideration are in favor of different reforms in the FED, but at the same time support his independence and has experience in monetary policy and financial markets.
