Powell's Successor Race Expands with New Candidates: Fed Officials Bowman, Jefferson, and Logan Join the Contest
According to two government officials, Federal Reserve Vice Chairs Michelle Bowman and Philip Jefferson, along with Dallas Fed President Lorie Logan, are currently being considered as candidates to succeed the Fed Chair next year.
The aforementioned officials stated that Treasury Secretary Basant will interview more candidates in the coming weeks as part of the selection process. Two officials, who were granted anonymity to discuss this process, indicated that Trump is expected to announce the final candidate this fall.
Informed sources noted that other candidates still under consideration include Trump’s close economic advisor Kevin Hassett, Federal Reserve Governor Christopher Waller, economist Marc Sumerlin, as well as former Fed officials Kevin Warsh and James Bullard.
Last week, Trump nominated Stephen Miran, Chairman of the White House Council of Economic Advisers, to serve as a Federal Reserve Governor. Miran will only complete the remaining term of Adriana Kugler, who has resigned. This term expires in January next year.
The aforementioned officials indicated that with Miran's nomination submitted for Senate confirmation, Trump’s team is not in a rush to finalize the selection of the Fed Chair candidate.
Trump appointed Bowman as a Federal Reserve Governor in 2018 and later appointed her as Vice Chair responsible for supervision this year. During the Federal Open Market Committee (FOMC) meeting in July, where interest rates were held steady for the fifth consecutive time, Bowman and Waller expressed differing opinions, supporting a 25 basis point rate cut.
Jefferson was appointed as a Federal Reserve Governor by then-President Biden in 2022 and was appointed Vice Chair by Biden in 2023. Each of his appointments has received broad bipartisan support. If he takes on the role of Chair, he would become the first African American to hold this important position in the history of the Federal Reserve. He has consistently supported maintaining the current policy this year.
Logan was elected as President of the Dallas Fed in 2022. She previously managed the Fed's large securities portfolio at the New York Fed. She has also supported keeping rates steady this year and frequently emphasized the need to guard against inflation caused by tariffs. The President of the Dallas Fed will have voting rights in 2026.