Federal Reserve Governor Christopher Waller is reportedly a top contender to become the next chair of the U.S. central bank if former President Donald Trump returns to office. According to Bloomberg News, members of Trump’s team have held meetings with Waller and are impressed by his experience and stance on monetary policy, though he has not yet met directly with Trump.
A spokesperson for the Federal Reserve declined to comment on the report. Meanwhile, White House spokesperson Kush Desai stated, “President Trump will continue to nominate the most competent and experienced individuals to deliver on his pledge to Make America Wealthy Again,” emphasizing that only Trump himself can confirm personnel decisions.
Trump has been a frequent critic of current Fed Chair Jerome Powell, particularly over interest rate policy. While he has stepped back from earlier suggestions of removing Powell before the end of his term on May 15, 2026, his team has reportedly accelerated efforts to identify a replacement.
The choice of Fed chair will be closely watched for signs of political influence. Economists have warned that preserving the central bank’s independence is essential to its credibility in fighting inflation and maintaining financial stability.
Waller, a PhD economist, emphasized Fed independence in his first speech as a governor. He has taken positions that may align with Trump’s economic goals, including advocating for a rate cut at the July meeting—a stance shared with Fed Vice Chair Michelle Bowman, also a Trump appointee. However, Waller has defended his position on economic, not political, grounds, arguing that tariffs are not inflationary and that a weakening labor market calls for more accommodative policy.
Should Powell step down after his term as chair, analysts speculate he may choose to remain on the Board of Governors to safeguard the Fed’s independence during any transition.
