US Fed search continues with private sector candidates

The role of Jerome Powell’s successor opens in May

The Trump administration is considering several private sector candidates for chair of the Federal Reserve when the role opens in May, including a strategist at Jefferies LLC and an executive at BlackRock Inc., according to an administration official.

Treasury Secretary Scott Bessent on Wednesday said the administration plans to consider around 10 candidates to replace Jerome Powell as chair.

The new names include Rick Rieder, chief investment officer for global fixed income at BlackRock, and David Zervos, chief market strategist at Jefferies, the person said, speaking on condition of anonymity. Larry Lindsey, a former Fed governor and George W. Bush administration official, is also under consideration, the person said. CNBC previously reported these three candidates.

Interviews with Bessent have commenced, with Fed governor Christopher Waller already having been interviewed, Bloomberg News has reported. Others under consideration include:

•Michelle Bowman, a Fed vice chair

•Philip Jefferson, a Fed vice chair

•Dallas Fed President Lorie Logan

•White House economist Kevin Hassett

•Kevin Warsh, former Fed governor

•Marc Sumerlin, former Bush administration official

•James Bullard, a former Fed official.

President Donald Trump will ultimately make the decision on who to nominate for Senate confirmation. The administration is expected to make an announcement in the fall.