The Trump administration is expanding its shortlist of candidates to replace Federal Reserve Chair Jerome Powell, whose term expires next year. The goal is to find a candidate who can command the trust of both President Donald Trump and the financial markets. According to administration officials, among the names being considered are current Fed Vice Chairs Philip Jefferson and Michelle Bowman, Dallas Fed President Lorie Logan, former St. Louis Fed President Jim Bullard, and macroeconomic advisor Marc Sumerlin. The official noted that other private sector figures could also be added to the list. These new candidates are being considered alongside National Economic Council Director Kevin Hassett, former Fed Board member Kevin Warsh, and current Fed Board member Christopher Waller, who are already on the shortlist. The list also suggests that the possibility of selecting someone from within the Fed to replace Powell, who Trump has repeatedly pressured to lower interest rates. The new chair will have to both maintain the institution's credibility in combating inflation and balance Trump's expectations of lower interest rates. He will also assume responsibility for banking oversight, payment systems, and interest rate decisions at the Fed, with its thousands of employees. Related News: BREAKING: Terra (LUNA) Founder Do Kwon Pleads Guilty to Fraud Charges - Here Are the Details Despite being appointed by former President Joe Biden, Jefferson received bipartisan support, winning Senate confirmation by a vote of 88-10. Many candidates on the list argue that the Fed needs to lower borrowing costs and emphasize the importance of the institution remaining independent of short-term politics. “If the conditions for success are met, if we protect the dollar's value, maintain its reserve currency status, and target low and stable inflation, I will accept this position,” Bullard told CNBC. The nominations of Bullard and Sumerlin were first reported in the Wall Street Journal, while the new Fed nominees were first reported in Bloomberg News. Treasury Secretary Scott Bessent confirmed to CNBC last week that the process to select Powell's successor had officially begun, but did not share a timeline. While that process was underway, Trump nominated his chief economist, Stephen Miran, to fill an open seat on the Fed. However, that position expires in January. Miran argues that the Fed should be subject to greater political oversight. Philip Jefferson Was Not Enthused About the Fed Adding Cryptocurrencies to Its Reserves Philip Jefferson addressed the Fed's stance on Bitcoin and other cryptocurrency reserves. He stated that while digital assets like Bitcoin are the subject of widespread interest and discussion in the market, the Fed cannot add these assets to its balance sheet due to legal restrictions. *This is not investment advice. Continue Reading: Trump May Announce a New Candidate for FED Chair: Here Are His Views on Cryptocurrency
