7 hours ago
Last Updated:October 29, 2025, 00:43 IST
Trump seeks a new Federal Reserve chief, with Jerome Powell's term ending soon. Five candidates are shortlisted, including Michelle Bowman and Rick Rieder, as per CNN.
US Federal Reserve Chair Jerome Powell. (File Photo: AP)
US President Donald Trump-led administration has started a search for the chief of Federal Reserve and five people have been named in the short list.
According to CNN, Trump has made no secret of his distaste for Fed Chair Jerome Powell, whose term ends in May next year. Often, the President has said he would fire Powell or force him to resign. He even have berated the Federal chief for not lowering the interest rate and called on the Fed’s Board of Governors to oust him.
Trump will likely be picking a name for Powell’s replacement by December.
CNN quoted Treasury Secretary Scott Bessent, who is leading the administration’s search, as saying that he has interviewed about a dozen candidates around Labor Day, but said Monday he has narrowed it down to five people. Those short listed include the White House, the Fed, and the private sector.
As per CNN, Michelle Bowman, Vice Chair for Supervision at the Federal Reserve Board of Governors; Kevin Hassett, Director of the Economic Council; Rick Rieder, Chief Investment Officer of Global Fixed Income at fund manager BlackRock; Christopher Waller, Federal Reserve Governor; Kevin Walsh, visiting fellow in Economics at the Hoover Institution.
Earlier this year, President Donald Trump moved to fire Lisa Cook from the Fed’s Board of Governors citing allegations that before joining the central bank in 2022, she had falsified records to obtain favourable terms on a mortgage.
Following this, Cook, the first Black woman to serve as a Fed governor, sued Trump.
Federal law says that Fed officials can only be removed for “cause," which could be interpreted to mean malfeasance or dereliction of duty.
Location :
Washington D.C., United States of America (USA)
First Published:
October 29, 2025, 00:43 IST
News world Trump-Led Administration Begins Search For Next Chief Of Federal Reserve
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