As President Donald Trump sharpens his focus on the Federal Reserve, the names on his radar to lead the world’s most powerful central bank are coming into view.
Tensions between Trump and the Federal Reserve have reached a boiling point in recent months, fueled by disputes over interest rate decisions, soaring renovation costs at its two main Washington, D.C. offices, and allegations of mortgage fraud involving a sitting board member.
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Trump has squarely placed the blame on Federal Reserve Chairman Jerome Powell whose term at the helm of the nation’s central bank runs until May 2026. In recent months, the president has intensified his pressure campaign, publicly chastising Powell and using personal insults to express his frustration with the Fed’s decisions. Trump previously considered firing Powell, who he nominated to the current role in 2017, but ultimately backed off.
Since then, Treasury Secretary Scott Bessent has begun interviewing candidates on Trump’s radar to succeed Powell.
Here’s a look at who could potentially become the nation’s next Fed Chair.
Federal Reserve’s vice chair for supervision, Michelle Bowman
Michelle Bowman currently serves as the Federal Reserve’s vice chair for supervision, a role that places her at the helm of the Fed’s regulatory agenda and oversight of the nation’s most powerful banks. The position aligns closely with Trump’s priorities, particularly his focus on reducing waste, fraud and regulatory burdens.
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Bowman, who largely votes alongside Powell, recently broke with him and has called for a cut in rates.
If tapped and confirmed by Congress, Bowman would become the second woman to chair the central bank. Janet Yellen was the first woman to hold the role.
Federal Reserve Governor Christopher Waller
Christopher Waller, a current member of the Fed’s governing board, has previously called for rate cuts, a move that aligns, in part, with Trump’s demands.
Waller cited a slow-down in consumer spending and gains in the job market, settling for reasons to cut rates. Addressing Trump’s trade blitz, Waller said the Fed should “look through tariff effects,” adding that the impact on inflation rates will be temporary.
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Of Trump’s potential candidates to succeed Powell, Waller is considered the veteran academic of the group. He has also reiterated the importance of maintaining an independent Federal Reserve.
Similar to Bowman, Waller has largely voted along with Powell. He has echoed the importance of maintaining an independent Federal Reserve.
Dallas Fed President Lorie Logan
Lorie Logan became the president of the Federal Reserve Bank of Dallas in 2022, making her the first woman to hold the role. The Kentucky-native is also a veteran of the New York Federal Reserve Bank.
In July, she said it was “possible” that a weaker job market could lead to potential rate cuts “fairly soon,” though she stressed a cautious approach as long as incoming data remain mixed.
As her potential nomination came into focus, Logan has not recently commented on the outlook for monetary policy or the economy.
Ex- St. Louis Fed President James Bullard
Former St. Louis Fed President Jim Bullard told Bloomberg News earlier this month that he spoke to Bessent about the Fed Chair role.
“I was under the impression that the process is still under construction for interviewing all these candidates, and at that point we can discuss in more detail,” Bullard to Bloomberg in an Aug. 13 interview. “So, I just said that I’d be happy to participate in that process.”
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Bullard told CNBC on Aug. 12 that he would accept the job if “we set it up for success.”
“If we can protect the value of the dollar … that’ll give us lower interest rates over time; if we aim for low and stable inflation, and respect the independence of the institution,” Bullard said.
Bullard became the dean of Purdue University’s Daniels School of Business following a 15-year stint at the Federal Reserve Bank of St. Louis.
Stephen Miran
Trump nominated Stephen Miran to join the Federal Reserve Board of Governors in August following the announcement by Governor Adriana Kugler that she was resigning.
Trump described Kugler’s departure as “a pleasant surprise” and quickly named Miran as her successor. Miran, who previously chaired the White House’s Council of Economic Advisers and holds a doctorate in economics from Harvard, is a longtime veteran of both of Trump’s administrations.
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In an Aug. 7 Truth Social post, Trump said Miran would serve until Jan. 31, pending Senate confirmation. “In the meantime, we will continue to search for a permanent replacement,” he added.
Director of the National Economic Council Kevin Hassett
Kevin Hassett, Trump’s top economic adviser, has been a loyal defender of Trump’s economic agenda and currently serves as the director of the White House’s National Economic Council. Hassett held two roles during the first Trump administration and advised Trump on economic policy during the 2024 presidential campaign.
Trump has previously described Hassett as “fantastic” when asked by reporters whether he could potentially succeed Powell. Trump told CNBC during an Aug. 5 interview though, that he also thought Hassett’s competitor, Kevin Warsh was also “very good.”
“Sometimes they’re all very good, until you put them in there, and then they don’t do so good,” Trump said, adding “I think he’s a very good guy. I’d say Kevin and Kevin, both Kevins are very good.”
Former Federal Reserve Board Governor Kevin Warsh
Kevin Warsh ascended to the Federal Reserve Board of Governors in 2006. At the time, the ex-Morgan Stanley banker was the youngest person to join the Fed board.
He was among the leading candidates to replace Yellen in 2018 before Trump ultimately appointed Powell to the role. More recently, the former Morgan Stanley banker was considered a top pick for Treasury secretary in Trump’s second administration before Bessent was nominated.
In recent interviews, Warsh has renewed calls for a regime change at the Fed, saying the “broad conduct of monetary policy has been broken for quite a long time.”
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“This isn’t the first time in the last decade that you’ve heard me say that we need a regime change at the Fed. It’s not just about a person, it’s about an approach to economics and an approach to what they’re doing,” Warsh said during a July 17 CNBC interview.
Warsh, who stepped down from the Fed board in 2011, was widely recognized as the Fed’s key liaison to Wall Street during the 2008 financial crisis. He also served as an economic advisor to former President George W. Bush.
Chief Market Strategist at Jefferies David Zervos
David Zervos, chief market strategist at Jefferies and a CNBC contributor, recently noted on the network’s broadcast that his commentary may sound a little different given his potential nomination.
“I have to come at this a little bit differently than I have in the past,” Zervos said with a smile during a CNBC interview on Aug. 20.
Zervos said he has met Trump on several occasions and has since developed connections with people from his administration. He added that Bessent is not a new acquaintance.
“I’ve known Scott for quite a while. He’s a wonderful guy and he’s transitioned into an amazing Treasury Secretary, but he’s an amazing trader as well,” Zervos said of Bessent.
He said he was “very honored” to be considered for the job alongside the 10 other candidates, calling many of them friends.
