Rick Rieder, the Chief Investment Officer of Global Fixed Income at BlackRock, remains a significant contender for the next Federal Reserve Chair, despite lacking traditional qualifications. This week, Rieder met with President Donald Trump and other top officials, including Vice President JD Vance and Treasury Secretary Scott Bessent, to discuss his potential appointment. The discussions focused on crucial issues like the Fed's profitability.
Rieder stands out in the candidate pool, which includes seasoned policymakers like Kevin Hassett, Director of the National Economic Council, and current Fed Governor Christopher Waller. Despite his lack of government or Federal Reserve experience, some attendees of the interview consider this as a potential advantage, according to Fox Business.
The decision to select Jerome Powell's successor is spearheaded by Treasury Secretary Bessent, with President Trump expected to announce his choice by the end of January. If Rieder, who has never been part of the Fed's Board of Governors, is appointed, he would first need to fill a vacancy on the Board.
If Rieder succeeds, he may replace Fed Governor Steven Myron, whose term concludes at the end of January. However, should Powell remain until May, Rieder could then assume the role of Chair and simultaneously join the Board. While tradition allows outgoing Fed Chairs to retain their board positions, it is customary for them to resign entirely.
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