The chair of the Federal Reserve commands one of the most powerful positions in global finance. Whoever holds the role doesn’t just steer U.S. monetary policy – but shapes the trajectory of the world’s reserve currency, influencing everything from the cost of mortgages in Arizona, to the price of debt of an emerging economy like Zambia.
“The Fed is the most important economic policymaker in the United States, if not across the globe,” Sarah Binder, political science professor at George Washington University, said per MarketWatch. “The decisions it makes affect everybody—people buying a house, people needing a car loan, businesses considering expansion. There’s no bigger impact on people’s economic and social well-being.”
That’s why the approaching end of Jerome Powell‘s term as Fed Chair has set off an unusually public search for his successor. Alongside President Donald Trump, Treasury Secretary Scott Bessent has narrowed the list to three potential candidates: Kevin Hassett, director of the National Economic Council; Kevin Warsh, former Fed board member; and Christopher Waller, current board member.
Powell’s time is up in May 2026, and the race for the Fed’s …