My 15-point plan is not yet under consideration.
Fed Chair Search Expands
The Wall Street Journal reports Trump’s Team Expands Search for Fed Chair, Adding New Names to List
President Trump’s team is reviewing new contenders to be the next chairman of the Federal Reserve, with a longtime economic consultant and a past Fed president added to the list, according to senior administration officials.
The Fed chair candidates include former St. Louis Fed President James Bullard; Marc Sumerlin, a former economic adviser to President George W. Bush; National Economic Council director Kevin Hassett; Fed governor Christopher Waller; and former Fed governor Kevin Warsh, the officials said. Bullard and Sumerlin are two of the possible nominees added to a list of about 10 people under consideration for the job, the officials said.
Trump is turning to Treasury Secretary Scott Bessent to lead the search for the next chairman, according to the officials. Bessent will conduct the initial interviews with all of the candidates and will then recommend a final list of possible choices, who will then meet with Trump, the officials said. Trump has said other top advisers would also be involved in the process.
The development of a long list of candidates to succeed Fed Chair Jerome Powell, whose term ends next May, comes as a surprise. Trump as recently as this week indicated he was considering three finalists for the job, including Warsh and Hassett, who are widely viewed as the front-runners for the position.
On Thursday, Trump announced adviser Stephen Miran would fill an unexpected, short-term vacancy on the Fed’s seven-person board. Because Powell hasn’t said whether he would step off the board when his term as chair ends, Trump may not have any other vacancies to replace Powell. If confirmed, Miran’s term would run through Jan. 31, though he could remain in the job until any successor is confirmed.
Bullard left the St. Louis Fed in 2023 to become the dean of Purdue University’s business school. In 2019, he recommended Waller, his research director at that time, as a possible candidate for the Fed board. Trump later nominated Waller to the board. At the time, Bullard publicly volunteered that he would be interested in serving as Fed chair if the opportunity ever became available.
Sumerlin served as deputy director of the National Economic Council after advising Bush during his 2000 campaign for president. In recent years, he has run his own economic advisory firm, where he has interacted with Bessent.
Waller interviewed with Bessent two weeks ago. While some people who have spoken with Bessent say Waller has impressed them, others have been skeptical of his candidacy and regard him as a long shot.
Fed Chair Odds List
Bullard under 10 cents is likely a good bet.
Warsh at 20 cents is overpriced. He has been a fiscal hawk.
Mish Still Available
I am shocked that my name has not yet surfaced.
On July 9, I posted I Officially Announce my Availability to Become the Next Fed Chair
Trump considers naming the next Fed Chair early. I have a fifteen-point plan.
Mish’s 15-Point Fed Plan
- Explain to the nation why we don’t need a Fed and how independent central banks have created boom-bust cycles of increasing amplitude over time. The main corollary is history shows the one thing worse than independent central banks is a central bank run by politicians, frequently ending in hyperinflation.
- Surround myself with qualified insiders who understand the Fed but also believe in the mission to end the Fed.
- Stop paying interest on reserves, phased in over 18 months.
- Wind down the Fed’s balance sheet totally in 2-3 years.
- Require that assets available on demand such as checking and savings accounts are truly available on demand. That means demand deposits are parked in overnight US treasuries. This would be phased in over two years. As a result, we would have genuine safekeeping banks. … ….
Who else has announced a plan like mine?
Related Posts
August 5, 2025: Did Trump Fire the BLS Head for Cause, Being the Messenger, or Something Else?
“The process of obtaining the numbers is decentralized by design to avoid opportunities for interference.”
August 5, 2025: BLS Chief New Job Requirement, Be a Trump Loyalist, the Pay Is $195,000
The hunt for a new BLS head is on.
I expect a phone call from Bessent any minute now.
More seriously, unless one is 100 percent committed to constant criticism from Trump (or being a total suck-up doing what he says), why would anyone want the job? Total arrogance that they can be different?
“100 percent committed to constant criticism from Trump”???? Have you seen your comment section? You have a lot of experience with criticism…lol. You might just be the right man for the job!
With no Fed: small financial crises every few years in which the prudent profit and the speculators suffer. With the Fed: infrequent crises of gigantic magnitude in which the prudent are ruined and the speculators are bailed out.
Mish for President!!
I was honored but turned them down.
I did recommend Mish very highly, my only recommendation.
What is money? A different perspective which I find interesting. From Ray Dalio and Nate Hagens.
“Despite this, money – and debt – is ALL a claim on energy and materials. Each time money is spent, it results in the consumption of energy. No exceptions.
For the past 40+ years, ~85% of global energy consumption has been from coal, oil, and natural gas. These are finite reserves, so when we create more money and debt, we are simply depleting these stores faster with a larger ‘straw’. Likewise, global GDP growth is 100% correlated with material consumption. Humanity’s built infrastructure (i.e. the technosphere) now outweighs all living biomass on Earth – including animals, plants, and entire forests.
In theory, credit can be ‘productive’ if it generates enough GDP growth to service the resulting debt. But in practice, over the last few decades, global debt has grown 2.5 times faster than GDP. And all of this is while resource extraction continues at larger scales. Effectively, we are ‘Buying Now, Paying Later’ as a culture, and betting on resources that might not be there one day. Danger (biophysical) Will Robinson.“
Not a problem. We are assuming our children will pay it all back. /s
No amount of money can buy Happiness.
But enough money can rent it.
— Lisa Hooker
Energy IS life. Without it we are all dead. Which is a very “unhappy” outcome.
Personally I prefer this statement: Money is a claim on present energy, and debt is a claim on future energy.
Really stupid. Financial assets are claims to future consumption. Money is a special financial asset which is a claim to consumption in the next instant (that is, of zero duration). The composition of consumption includes energy, but more importantly it includes services and products provided by labor
The energy storage that has been building for eons, is also released in many different ways: to the atmosphere, garbage everywhere to the deepest trenches. Nobody pays for it, the cheapest form of life prevails.
It will take millions of years for the planet to recover once humanity is extinct.
Still too much in the box thinking on this one based on comments and blog posts. The Trump admin isn’t messing around this time. While your discussing things in a virtual conference room, Trump is going to dissolve the Fed.
Need someone that’s old school, knows a debit from a credit. Knows we need high real rates of interest, not interest rates artificially suppressed by paying interest on reserves.
“Friedman and Schwartz (1963) “Money and Business Cycles” showed that NBER specific cycles in money growth preceded NBER reference cycle turning points, that the degree of severity of business cycles was closely correlated with the amplitude of cycles of money growth , and that evidence contradicted the view that cycles in money growth were mainly a lagged response to changes in the business cycle.”
How much does the Fed Chair Pay, Mish? Would you want to be sucking up to Trump for that paltry income? $200K. Shit, I made more than five times that in a small business, NET NET.
I would love to see you at the Fed. Even though I probably only agree with you about 60% of the time you are consistent and honest. I think that those two qualities would take you out of the running with Trump. Don’t quit your day job in hopes of being a Fed governor.
Too much traditional thinking going on. There wont be a Federal reserve come 2026. The plan is liquidate most of their assets and effectively make it a neutered institution according to Project 2025. It will cease to provide any meaningful function as the economy is run by big banks, autocrats and oligarchs. 47% of Project 2025 is complete. I predict they will get to 80% by the end of the year as Anerica is remade by corporatism.
https://thehill.com/opinion/white-house/5435802-after-only-6-months-project-2025-is-halfway-complete/
I know exactly what to do about it and have been planning for years. It’s called an exit strategy.
You should already be gone. At some point they will prevent Americans from leaving and force “foreigners” to leave.
He’s only physically leaving. A lot of his assets (real estate rental home, stocks etc) will remain here and be subject to taxes or confiscation since he will still be a citizen.
I’d imagine the calls will be to first seize (tax) assets of those not living here since they can’t complain.
I think that is one of the biggest dangers – them shutting the borders.
I’m all for it. I’ll mention you when I see him at the ‘spa’ (nudg nudge).
… and if you want to brush up on what he’d like to hear: https://www.project2025.observer/en
Pretty interesting reading …. Makes me think the whole Epstein thing is yet another distraction.
Any idea how long b4 the crap hits the fan?
Monetary or nuclear crap?
Nearly never.
End the Fed! Then what is money?
Power over others.
My goodness Mitch. It is Friday and I ran intervals at Polk Park while watching the under 13 gang of adolesnce girls. So the US is bankrupt but can bomb you 24/7 for six weeks out of inventory. Let’s say it is Monday and you are bankrupt but you print your own money. A currency collaspe is possible. However, it is not Monday, it is Saturday.
The last numbers I could find (2023) Show that $81Billion of the Intragovernmentail Holdings share of our balloning National Debt of $37Trillion is owed to the FDIC.
Reserve Fund. Our economy is not running on paper dollars. It is running on the promise that we can print enough more paper dollars to save ourselves.
To me it looks like we are in the final stage of a Ponzi scheme that ready to blow up.
U1 Unemployment 15+ Weeks:
One thing that did catch my eye, was the visible, and appears typical, massive “Spike” that equally was followed by a slow eventual “Draw Down” The most recent Jump Upwards, did not appear to have that slow drag down, because it was more of a blip, than a spike imo. Now we can see more of a squiggly (pause?) movement that is just slightly elevated. This could be simply standard swaying noise? No clear direction (Given) at the moment and nothing has leaked, so we squiggle…
Deleting your posts, moving your blog to Truth Social, and avid advocacy for ZIRP, would give you a foot in the door.
However, if Trump was reading your blog up-until-now, I would say, don’t bother.
Chilling thought, isn’t it?
He’d nod off reading the title… and if he got beyond that, the fancy words would get him.
I’d vote for you Mish. Take care of yourself and don’t neglect your health.
lol no