Fed Vice Chair Michelle Bowman, known for her positive approach to cryptocurrencies, is among five candidates being considered for the Fed presidency ahead of current Chair Jerome Powell’s departure next year.
U.S. Treasury Secretary Scott Bessent is also considering Bowman as presidential candidates, along with former Fed Governor Kevin Warsh, National Economic Council Director Kevin Hassett, Fed Governor Chris Waller and BlackRock fixed-income investment director Rick Rieder.
Bessent will interview the candidates alongside two senior Treasury officials and two White House officials, according to CNBC. Following these interviews, a narrowed-down list of candidates will be presented to President Donald Trump.
Trump’s chosen candidate will be nominated first for Fed governor and then for Fed chair. The appointment will be subject to Senate confirmation.
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The search for a new chairman comes amid growing internal tensions at the Fed over the past year. President Trump has frequently criticized Powell for not cutting interest rates early enough and has threatened to fire him. However, by law, a Fed member can only be removed for “good cause.”
Trump also sought to remove Fed Governor Lisa Cook after accusations of mortgage fraud, but Cook filed a lawsuit that resulted in the Supreme Court allowing Cook to continue in her position.
Last month, the Senate confirmed Stephen Miran as Fed governor, filling a vacancy. Miran replaces Adriana Kugler in the position, whose term expires on January 31, 2026.
Although Powell’s term as Fed Chair ends in May 2026, he may choose to remain on the board until 2028.
Michelle Bowman has previously stated that the Fed is “at a turning point,” advocating for the institution to lead financial innovation. She also stated that banks and regulators should “move away from an overly cautious mindset and be open to new technologies,” and that Fed staff “should hold small amounts of crypto assets to better understand crypto.”
*This is not investment advice.
Continue Reading: Rumors Grow That a Crypto-Friendly Figure Will Become Chair of the Federal Reserve
