BlackRock’s Rick Rieder bid for Fed chair is gaining traction

1 month ago 4

The candidacy of BlackRock’s Rick Rieder to be the next Federal Reserve chair has gained late momentum, people familiar with the matter say, as President Donald Trump weighs congressional blowback in his bid to put a friendlier face at the head of the central bank.

Trump’s interview Thursday with Rieder went well, the people said, speaking on condition of anonymity to discuss the private deliberations.

Key senators such as Republican Banking Committee member Thom Tillis have warned that Trump’s Fed picks will get more scrutiny after the Justice Department subpoenaed the Fed last week over statements by Chair Jerome Powell related to a renovation project at the bank’s headquarters. But Powell, whose term expires in May, contends the criminal probe is a pretext to punish him for not cutting rates quickly enough.

Trump, asked Friday about the selection process, said he had a candidate in mind, while declining to name him. “I think I have it — in my mind, done,” he said.

The search is now a four-man race, some of the people said, among Rieder, National Economic Council Director Kevin Hassett, Fed Governor Christopher Waller and former governor Kevin Warsh, the people said.

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