"Powell's term as chair expires in May, but he is not required to leave. His term on the Fed board of governors expires in 2028, so he could remain as a policymaker until then. Several potential replacements have been publicly identified to serve as the next chair, but it's expected that the nominee will first be appointed as a Fed governor before being nominated as chair."
"CNBC previously reported that the five Fed chair candidates are Michelle Miki Bowman, the Fed's vice chair for supervision; Fed Governor Christopher Waller; Kevin Hassett, director of the White House National Economic Council; former Fed Governor Kevin Warsh; and BlackRock executive Rick Rieder. Last week, Treasury Secretary Scott Bessent, who is leading the search process and has removed himself from consideration for the role, said during an appearance on Fox Business that Trump has one more interview to do, which is with Rieder."
"Bessent, who has been conducting interviews since the summer of 2025, told CNBC's Sara Eisen in October that he would give Trump three or four candidates for him to interview shortly after Thanksgiving. Sources close to the president told Bloomberg in November that Hassett is the leading candidate to be the next chair. In December, Trump told Reuters that he was leaning toward both Hassett and Warsh for the role."
Senators including Tillis, Warren and Rep. Maxine Waters urged the Senate to pause action on Trump nominees to the Federal Reserve while an investigation proceeds. Tillis pledged to oppose any nominees until the probe concludes. Powell's Fed chair term expires in May but he can remain on the Fed board as governor through 2028. The next chair nominee is expected to be appointed first as a Fed governor to begin a 14-year term on Feb. 1, succeeding Stephen Miran after Adriana Kugler's August 2025 resignation. Reported chair candidates include Michelle Bowman, Christopher Waller, Kevin Hassett, Kevin Warsh and Rick Rieder.
Read at www.housingwire.com
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