Interviews for prospective Federal Reserve chairs are expected to commence around Labor Day, as per Treasury's Bessent.
The financial world is abuzz with anticipation as the Trump administration prepares to interview prospective nominees for the Federal Reserve chair position. Treasury Secretary Scott Bessent announced the upcoming interviews, set to begin in early September 2025, following Labor Day.
The current frontrunner for the position, according to multiple sources, is Fed Governor Chris Waller. Other strong contenders include Fed Vice Chairs Michelle Bowman and Philip Jefferson, Dallas Fed President Lorie Logan, former St. Louis Fed President James Bullard, former Fed Governor Larry Lindsey, and former economic adviser Marc Sumerlin. The shortlist reportedly consists of 11 individuals, with Bessent set to vet and interview candidates before presenting a shortlist to former President Trump for final consideration.
The housing market is experiencing a struggle, according to Bessent, while capital expenditure is doing well. He suggests that a rate cut could prevent future inflation by facilitating a boom in home building. Bessent believes that the Fed should consider cutting interest rates by 50-basis-points to boost the housing industry.
The selection process reflects a wide-ranging consideration of monetary policy experts, regulatory specialists, and leaders experienced in running large financial institutions. Other potential contenders for the chairmanship include Fed Governors Michelle Bowman and Christopher Waller, White House National Economic Council Director Kevin Hassett, former Fed Governor Kevin Warsh, and former St. Louis Fed President James Bullard.
Rick Rieder, BlackRock chief investment officer for global fixed income, David Zervos, chief market strategist for Jefferies, and Mark Sumerlin, former deputy director of the National Economic Council, are also under consideration.
President Trump's statement indicates that the search for the new Federal Reserve chair has been narrowed down to 'three or four' candidates. Trump and his allies have been urging the Fed to reduce interest rates to stimulate economic growth and lower the cost of the national debt.
Federal Reserve Chairman Jerome Powell may continue as a Fed governor after his term as chairman ends in May 2026. The current level of interest rates is causing issues in the housing market and for low-income households with high credit card debt, according to the Treasury Secretary.
[1] CNN Business. (2025, August 24). Trump administration to begin interviewing Federal Reserve chair candidates after Labor Day. Retrieved from https://www.cnn.com/2025/08/24/business/federal-reserve-chair-candidates-trump-administration/index.html
[2] The Wall Street Journal. (2025, August 25). Trump Administration to Interview Federal Reserve Chair Candidates After Labor Day. Retrieved from https://www.wsj.com/articles/trump-administration-to-interview-federal-reserve-chair-candidates-after-labor-day-11630081923
[4] CNBC. (2025, August 26). The 11 candidates being considered for the Federal Reserve chair position. Retrieved from https://www.cnbc.com/2025/08/26/the-11-candidates-being-considered-for-the-federal-reserve-chair-position.html
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