Overview

• The remaining contenders are Vice Chair for Supervision Michelle Bowman, Governor Christopher Waller, Kevin Hassett, former Governor Kevin Warsh, and BlackRock fixed-income chief Rick Rieder.
• Treasury will conduct another round of interviews with the five, led by Bessent and joined by senior Treasury and White House officials, with the schedule likely stretching past Thanksgiving due to upcoming World Bank/IMF meetings and an Asia trip.
• Bessent plans to send a shorter slate to the president for a final decision, with officials indicating the likely path is an initial nomination to a governor seat followed later by a chair nomination because of term timing considerations.
• Officials said no candidate is leading, though Rieder has impressed Bessent and is the only finalist without prior Fed experience, while Waller said his interview focused on economics rather than politics.
• The unusually public selection process unfolds after administration critiques of Fed policy and the contested firing of Governor Lisa Cook, a case now headed to the Supreme Court that has fueled concerns about central bank independence.