Trump Continues to Shake Powell's Position as Fed Chair... Many Fed Officials Included in New Chair Candidates

[Financial News]  


It has been revealed that Donald Trump, President of the United States, is continuing the search for a rival to Jerome Powell, Chairman of the Federal Reserve System (Fed).

James Bullard, who recently served as the President of the Federal Reserve Bank of St. Louis, is also known to be included in the new Fed chair candidate pool.

Although Chairman Powell's term still has a long way to go until May next year, it seems that the intention is to shake Powell by selecting chair candidates early.

The Wall Street Journal (WSJ) reported on the 8th (local time), citing senior administration officials, that Trump's team has begun reviewing new candidates for the next Fed chair.

Included in the new candidates are former St. Louis Fed President Bullard, Mark Sumerlin, who served as an economic advisor to former President George W. Bush, and Kevin Hassett, who served as Chairman of the National Economic Council (NEC) in Trump's first White House.

Also, Christopher Waller, a Fed Board member, and Kevin Warsh, a former Fed Board member, are also said to be candidates according to sources.

According to them, Bullard and Sumerlin are newly included among the approximately 10 candidates for the next Fed chair.

Sources say that Scott Besant, the Treasury Secretary, is currently responsible for searching for the next Fed chair. Besant, following Trump's instructions, will interview all these candidates and ultimately narrow them down to report to Trump.

Those included in the final candidate pool will interview with Trump.

Trump had also considered Besant as one of the candidates for the next Fed chair but recently changed his stance. In an interview with CNBC on the 4th, he said Besant will remain as the Treasury Secretary.

dympna@fnnews.com Song Kyung-jae Reporter