In a recent interview for the Federal Reserve chair position, BlackRock executive Rick Rieder addressed several significant issues, including the profitability of the Federal Reserve, according to senior administration sources revealed to FOX Business. The conversation took place in the Oval Office and was attended by President Donald Trump, Vice President JD Vance, Treasury Secretary Scott Bessent, Chief of Staff Susie Wiles, and Deputy Chief of Staff Dan Scavino.
Within the discussions, Rieder, who serves as the chief investment officer of global fixed income at BlackRock, emphasized the need for stability in monetary policy and the intricacies of U.S. debt dynamics. Interestingly, Rieder is the only finalist for the Fed chair position without prior experience in the Federal Reserve or government roles, a factor that has been positively noted by attendees.
The list of candidates being considered for the position also includes former Federal Reserve Board Governor Kevin Warsh, National Economic Council Director Kevin Hassett, and current Federal Reserve Board Governor Christopher Waller.
The interview with Rieder is pivotal as President Trump prepares to make his final decision regarding Jerome Powell’s successor when Powell’s term concludes on May 15. Powell was nominated by Trump in 2017 and confirmed in 2018.
Treasury Secretary Scott Bessent has been leading the selection process, initially starting with ten potential candidates from diverse backgrounds, which has been narrowed down to the final selection now under consideration. A decision from President Trump is anticipated by the end of January.
If Trump opts for a new candidate who is not currently part of the Federal Reserve Board of Governors, that individual will fill an open seat. Fed Governor Stephen Miran’s term ends on January 31, providing an opportunity for the president should he decide to select an outsider. Miran has expressed a need for more aggressive interest rate cuts to foster economic growth, stating, “I think policy is clearly restrictive and holding the economy back.”
This moment presents a unique turning point for the Federal Reserve as it seeks leadership that aligns with Trump’s economic vision, potentially leading to significant shifts in U.S. monetary policy.