Donald Trump has decided that three finalists for the next Federal Reserve chair aren’t enough. Senior administration officials say the search has been widened to about ten possible choices.
The fresh additions include former St. Louis Fed president James Bullard and longtime economic consultant Marc Sumerlin. They join a list that already had National Economic Council director Kevin Hassett, Fed governor Christopher Waller, and former Fed governor Kevin Warsh.
Trump has put Treasury Secretary Scott Bessent in charge of running the process. According to WSJ, Bessent will meet every candidate first, narrow the field, and hand Trump a smaller list. Trump will then sit down with the finalists himself. He also said other senior advisers will be part of the decision.
Bessent’s role is notable because Trump had considered him for the job, but Bessent told him he wanted to stay at Treasury. “I love Scott, but he wants to stay where he is,” Trump told CNBC earlier this week.
Trump adds names despite saying finalists were already set
The expanded search comes only days after Trump told reporters he was down to three finalists. At that point, he mentioned Warsh and Hassett as the main contenders. The current chair, Jerome Powell, finishes his term in May, but hasn’t said whether he’ll leave the Fed board entirely. If he stays, Trump might not get another seat to fill apart from Powell’s role.
On Thursday, Trump also moved to fill an unexpected vacancy on the Fed’s seven-member board. He picked adviser Stephen Miran for the short-term role. If confirmed, Miran’s term runs until January 31, though he can remain until a replacement is approved.
This type of shake-up in the candidate pool isn’t new for Trump. When picking a Treasury secretary in November, he had narrowed the field to Bessent and now-Commerce Secretary Howard Lutnick, then decided to meet more candidates, including Warsh, before picking Bessent.
Some White House advisers had already suggested that a bigger range of candidates could be brought in, including people who hadn’t been mentioned in public. That is exactly what has happened with Bullard and Sumerlin now in the mix.
Who the contenders are and where they stand
Bullard left the St. Louis Fed last year to become dean of Purdue University’s business school. In 2019, he had recommended Waller, then his research director, for a spot on the Fed board. Trump later nominated Waller, and Bullard had said publicly he would take the Fed chair job if given the chance.
Sumerlin’s background includes serving as deputy director of the National Economic Council after advising George W. Bush during the 2000 campaign. More recently, he has run his own economic advisory firm and crossed paths with Bessent in that role.
Waller’s interview with Bessent happened two weeks ago. Some who have spoken with Bessent say Waller made a good impression. Others see him as unlikely to get the job.
The search process is happening while some in Trump’s circle are pushing a strategy to undercut Powell’s influence well before his term ends. They argue the Fed’s real power isn’t just in setting rates or adjusting its balance sheet, it’s in sending signals that markets react to. The plan would be to name a “phantom Fed chair” months ahead of time, making Powell’s forward guidance irrelevant.
Once Trump names his pick, more than 90% of the market reaction to Powell’s statements would disappear. Traders and investors would instead watch the incoming chair’s words. Powell’s term officially ends in May 2026, but in this scenario, his ability to steer interest rates could start fading immediately. And as far as markets are concerned, they already expect that shift to happen.
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