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Trump Expands Search for Next Federal Reserve Chair

8/10/2025

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Summary

Story summary

President Donald Trump is casting a wider net in his quest for the next Federal Reserve chair, now considering around ten candidates, including James Bullard and Marc Sumerlin. With Treasury Secretary Scott Bessent at the helm of the vetting process, Trump seeks to shape monetary policy as inflation looms and Jerome Powell's term approaches its conclusion in May 2026.

History

Historical Context

The Humphrey-Hawkins Act of 1978 established a dual mandate for the Federal Reserve, aiming for maximum employment and stable prices amid the 1970s economic crisis, which saw inflation exceed 13%. Recent nominations for Fed leadership, including Philip Jefferson as Vice Chair in 2023, highlight ongoing debates about political influence versus central bank independence, shaping future monetary policy.

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Story summary

President Donald Trump is casting a wider net in his quest for the next Federal Reserve chair, now considering around ten candidates, including James Bullard and Marc Sumerlin. With Treasury Secretary Scott Bessent at the helm of the vetting process, Trump seeks to shape monetary policy as inflation looms and Jerome Powell's term approaches its conclusion in May 2026.

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