President Donald Trump has widened the search for the next Federal Reserve Chair, expanding the list of potential nominees to around 10 people. According to senior administration officials, the updated roster now includes former St. Louis Fed President James Bullard and Marc Sumerlin, a former economic adviser to President George W. Bush. The move comes as current Chair Jerome Powell approaches the end of his term in May 2026, leaving open the question of who will lead U.S. monetary policy in the years ahead.
Alongside Bullard and Sumerlin, other names in the running include Kevin Hassett, director of the National Economic Council; Christopher Waller, a current Federal Reserve Governor; and Kevin Warsh, a former Fed Governor. Bullard, who left the St. Louis Fed in 2023 to become dean of Purdue University’s business school, has previously expressed interest in the Fed’s top job. Sumerlin served as deputy director of the National Economic Council under Bush and now runs his own economic advisory firm, where he has worked with Treasury Secretary Scott Bessent.
Trump has tasked Bessent with leading the search process. Bessent will conduct initial interviews with all contenders, narrow the list, and present his recommendations to the president. While Trump briefly considered Bessent himself for the chairmanship, the Treasury Secretary declined, preferring to remain in his current role. Trump noted in a recent interview that Bessent would be “a key player” in the selection process.
The expansion of the shortlist mirrors Trump’s characteristic approach to high-level appointments. Initially, the field had been narrowed to three finalists, with Warsh and Hassett seen as front-runners. But, as with his 2024 Treasury Secretary search, Trump decided to consider additional candidates late in the process. That earlier search also ended with the selection of Bessent after a similar round of extra interviews.
The final decision on Powell’s successor will depend on upcoming interviews, Trump’s economic priorities, and whether Powell chooses to step down from the Fed board entirely once his term as chair ends. Trump’s recent appointment of adviser Stephen Miran to a short-term Fed board seat signals that he is prepared to act quickly should new vacancies arise.