Bessent leads broad search for US Fed chair that includes Bullard, Sumerlin

WASHINGTON - US Treasury Secretary Scott Bessent is leading the search for a successor to Federal Reserve chairman Jerome Powell, with an expanded list that includes a long-time economic consultant and a past regional Fed president, a source familiar with the process told Reuters on Aug 8.

The list includes St Louis Fed president James Bullard and Mr Marc Sumerlin, a former economic adviser to President George W. Bush, the source said, confirming an earlier report by the Wall Street Journal that said there were now about 10 contenders for the spot.

President Donald Trump last week said he had narrowed the list to four.

National Economic Council director Kevin Hassett and former Fed governor Kevin Warsh remain under consideration, along with current Fed governor Christopher Waller, the source told Reuters.

Mr Trump has pressured Mr Powell all year to cut interest rates, building on his past comments critical of the Fed chief that emerged during his first term as president shortly after he elevated Mr Powell to the Fed chair role.

Mr Powell’s term ends in May 2026. Critics have said the President should let Mr Powell complete his term as chairman without interference.

Mr Hassett, Mr Warsh and Mr Waller have all signalled support for lower rates, which Mr Trump had indicated would be a requirement for the job.

Mr Bullard, who left the St Louis Fed in 2024 to be dean of Purdue University’s business school, was Mr Waller’s boss before Mr Trump plucked the regional Fed’s research director from under Mr Bullard to serve on the Fed Board. As recently as May, he said he thought the Fed would probably be able to cut rates by September.

The recent monetary policy views of Mr Sumerlin were not immediately clear.

It was also not clear what a broader list of candidates would mean for the timing of an appointment.

The President moved quickly to name an ally to the Fed Board this week after Fed governor Adriana Kugler, a Biden appointee who did not support rate cuts,

unexpectedly resigned

as of the end of this week.

Council of Economic Advisers chairman Stephen Miran

will serve out the remaining months

of Ms Kugler’s term, which ends on Jan 31, 2026.

Mr Trump has indicated that a search continues for someone who could fill the Fed Board role for a 14-year term beginning on Feb 1, 2026. REUTERS