The list of candidates to succeed Fed Chair Jerome Powell is apparently growing, from four to about 10.
President Donald Trump, who has roundly criticized Powell for not lowering interest rates, is relying on Treasury Secretary Scott Bessent to lead the formal process to replace the central bank head.
Two names added to the group of contenders are James Bullard, a former St. Louis Fed president who is now the dean of Purdue University's business school, and Marc Sumerlin, an economic consultant who served as a key White House adviser in the George W. Bush administration, The Wall Street Journal reported on Friday, citing officials familiar with the process.
Bullard, 63, was considered hawkish during his 15 years as St. Louis Fed president, a job he left in 2023. More recently, however, he has advocated for rate cuts, calling the current rate "a little bit high" for the current economic situation.
Bullard also supports larger structural changes at the Fed. In April, he told Barron's that the Fed's intellectual tool kit -- the framework guiding how it interprets data and steers the economy -- should be changed.
The traditional model of managing inflation in a world of "sticky" prices no longer reflects reality, he argued. Prices now adjust quickly, he said, while contracts remain rigid. The Fed's mission, then, should go beyond stabilizing inflation: It should ensure money is predictable enough to support those contracts.
Notably, Bullard supervised Fed. Gov. Christopher Waller, another candidate for Fed chair, when Waller was research director at the St. Louis Fed. Trump appointed Waller to the Board of Governors in 2020.
Sumerlin, 55, served as a top economic adviser to President George W. Bush. He helped develop the administration's economic response to the terrorist attacks of Sept. 11, 2001.
Sumerlin later co-founded the Lindsey Group with former Fed governor Lawrence Lindsey before starting his own economic consulting firm, Evenflow Macro. He is a member of the Treasury's Financial Research Advisory Committee.
Sumerlin's name also came up in Trump's 2019 search to fill a vacancy on the Board of Governors. But, he withdrew himself from the process, the administration said.
"Marc Sumerlin was never a top-tier candidate," White House spokesman Judd Deere told Bloomberg at the time. "He withdrew himself from consideration because he didn't want to go through a confirmation process, not because of another potential nominee."
Bessent will interview all candidates before recommending finalists to Trump, the Journal reported. The three core contenders, according to the outlet, are National Economic Council director Kevin Hassett, former Fed governor Kevin Warsh, and Waller.
Waller, who supported a quarter-percentage-point rate cut at the Fed's July meeting, is known for his data-driven pragmatism. He has argued for focusing on underlying inflation stripped of tariff effects, and has supported proactive cuts as labor-market risks rise. His appointment would signal an easing bias.
Hassett, Trump's top economist, would bring a unique combination of academic credentials and political loyalty to the role and could reshape how the Fed approaches its dual mandate. He was chair of the Council of Economic Advisers during Trump's first term, and often served as the administration's intellectual voice defending lower rates.
Warsh has a more hawkish stance on long-term inflation risks but supports easing rates in downturns. His appointment would signal Trump's willingness to prioritize institutional credibility over short-term political pressure, potentially strengthening the dollar and lowering bond yields as investors price in more disciplined policy.
Trump has made clear he wants a Fed chair who will cut rates. He has repeatedly criticized Powell, calling him "too late" and suggesting that he resign. Powell's term expires next May.
The president moved quickly this week to fill the Fed Board vacancy created after Gov. Adriana Kugler resigned. Trump said he would nominate Stephen Miran, chair of the White House Council of Economic Advisers, to serve out Kugler's term, which ends Jan. 31.
Trump said he plans to nominate a candidate for a full 14-year term beginning in January. The president would probably back that person as successor to Powell.
"President Donald Trump will continue to nominate the most competent and experienced individuals to deliver on his pledge to Make America Wealthy Again," White House Spokesman Kush Desai told Barron's previously. "Unless it comes from President Donald Trump himself, however, any discussion about personnel decisions should be regarded as pure speculation."
Still, an expanded search suggests Trump is taking a more systematic approach to one his most consequential appointments yet.
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