Panelists Douglas Holtz-Eakin and Dan Clifton are set to discuss the economic situation and bank profits during Donald Trump’s presidency.
In an exclusive conversation, Rick Rieder, a BlackRock executive, touched on key topics during his interview for the top position at the central bank, including the Federal Reserve’s profitability, according to a senior official.
The meeting, held in the Oval Office, included President Trump, Vice President J.D. Vance, Treasury Secretary Scott Bessent, Chief of Staff Susie Wiles, and Deputy Chief of Staff Dan Scavino.
Rieder, who serves as BlackRock’s chief investment officer for global fixed income, was the sole candidate interviewed. Interestingly, he has no prior experience with the Federal Reserve Board, a fact that some attendees viewed positively.
Alongside Rieder, the current list of candidates includes former Federal Reserve President Kevin Warsh, National Economic Council Director Kevin Hassett, and Federal Reserve Board Director Christopher Waller.
Trump’s final meeting with Rieder will take place before making a conclusive decision.
The selection process was led by Treasury Secretary Bessent, who began with a diverse pool of ten candidates and gradually narrowed it down to a final three. Trump subsequently took time to understand each candidate better.
A decision is anticipated by the end of January.
If the President opts for a candidate not currently affiliated with the Federal Reserve Board, that person will need to fill the existing vacancy.
Fed Director Stephen Millan’s term ends on January 31, presenting the President with a timely opportunity. Millan, appointed in September, took over after Adriana Coogler’s resignation and has frequently advocated for more substantial rate cuts.
“I think the current policies are restrictive and holding back the economy,” Millan commented during a recent interview, suggesting that a cut exceeding 100 basis points this year is justified.
If Trump chooses Waller, the President could also decide to appoint someone new when a seat becomes available.
