Report: Trump expands the list of candidates for Federal Reserve Chairman to about 10 people

According to The Wall Street Journal, President Trump's team is re-evaluating the list of candidates for the next Federal Reserve Chair, expanding the candidate list to about 10 people. Among them, former St. Louis Fed President James Bullard and former economic advisor to President George W. Bush, Marc Sumerlin, are two recent additions to the candidate list.

The media cited sources stating that the candidates for Federal Reserve Chair include: James Bullard, Marc Sumerlin, Director of the National Economic Council Kevin Hassett, current Fed Governor Christopher Waller, and former Fed Governor Kevin Warsh.

Trump has appointed U.S. Treasury Secretary Scott Bessent to lead this selection process. Bessent will be responsible for conducting preliminary interviews with all candidates and submitting a final recommendation list to the president, after which these candidates will meet with Trump. Trump stated that other senior advisors will also participate in the selection process.

Bessent has now become a key figure in the selection of the Fed Chair. Trump had considered appointing Bessent to the position of Fed Chair, but Bessent voluntarily withdrew from the race earlier this week. Trump stated in an interview with CNBC, "I really like Scott, but he wants to stay in his current position."

Although Trump had stated earlier this week that he had narrowed the candidates down to three "front-runners," including Warsh and Hassett, the latest news indicates that there is now an expanded list of about 10 candidates, which has surprised the public.

On Thursday, Trump announced the nomination of his advisor Stephen Miran to fill an unexpected vacancy on the seven-member Board of Governors of the Federal Reserve. Since current Fed Chair Jerome Powell has not indicated whether he will step down from his position as a Fed Governor when his term ends next May, Trump may not have more opportunities to replace other seats. If confirmed, Miran's term will last until January 31 of next year, but he can continue to serve until his successor is appointed.

Analysts pointed out that Trump's approach of initially narrowing and then expanding the candidate pool is not uncommon. He had a similar approach when selecting the U.S. Treasury Secretary last November: initially, Bessent and current Commerce Secretary Howard Lutnick were the leading candidates, but Trump later requested to expand the interview pool, including having Warsh interviewed, ultimately still choosing Bessent.

Advisors indicated last month that the U.S. government might consider a broader list of candidates, some of whom had not previously surfaced publicly.

Bullard stepped down as St. Louis Fed President in 2023 and subsequently became the Dean of Purdue University's Business School. As early as 2019, he had recommended Waller, who was then serving as his research director, for the Federal Reserve Board. Later, Trump formally nominated Waller as a governor. Bullard had publicly stated at that time that he would be willing to serve as Fed Chair if given the opportunity.

Sumerlin served as Deputy Director of the National Economic Council during the Bush administration and was an economic advisor during the 2000 presidential campaign In recent years, Sumerlin has been running his own economic consulting firm and has maintained business dealings with Bessent.

Waller interviewed with Bessent two weeks ago. Some people who have communicated with Bessent said that Waller left a good impression on them; however, some others are skeptical about his candidacy, believing that his chances of success are slim.