Federal Reserve Vice Chair Michelle Bowman, recognized for her positive approach to cryptocurrencies, is among five candidates being considered to succeed Chair Jerome Powell, whose term ends in May 2026. The shortlist, officially confirmed by Treasury Secretary Scott Bessent, includes current Fed Governors Christopher Waller and Michelle Bowman, National Economic Council Director Kevin Hassett, former Fed Governor Kevin Warsh, and BlackRock fixed-income investment director Rick Rieder.
President Donald Trump aims to announce his choice by the end of 2025, accelerating the process with interviews conducted by Bessent alongside senior Treasury and White House officials. A narrowed list will be presented to Trump, and the final appointee must undergo Senate confirmation. This search occurs amid internal Fed tensions, with Trump frequently criticizing Powell for delayed interest rate cuts and previously attempting to remove Governor Lisa Cook over fraud allegations.
Bowman has emphasized that the Fed is "at a turning point" and should lead financial innovation, advocating for moving away from an overly cautious mindset and embracing new technologies. She notably suggested that Fed staff hold small amounts of crypto assets to better understand the sector. The backdrop includes ongoing FOMC meetings, with markets expecting further rate cuts after a recent reduction to the 3.75% to 4.00% range, driven by cooling labor market data and inflation at 3% as of September.
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