President Trump confirmed Tuesday that he has narrowed his choice of the next chair of the Federal Reserve to five candidates, acknowledging that he is having a tough time making a choice.
"Honestly, I like them all," Trump told reporters during a press conference. "I have a great respect for all of them. But I'll make a decision over the next very short period of time."
A decision is expected within the next couple weeks. Trump has little flexibility as Janet Yellen's term as chair is due to expire early next year, and any candidate would need to be vetted by the Senate Banking Committee and voted on by the full chamber, an often lengthy process.
It remains unclear if Trump wants a big change in direction at the Fed. As a presidential candidate, he was critical of Yellen, but he has warmed to her as the stock market and the economy have done well during her tenure. He is set to meet with Yellen on Thursday to discuss whether she would be interested in being reappointed. (The final five candidates were first reported by The Wall Street Journal
The president has a rare opportunity to reshape the entire Fed board so early in his term. His first pick, Randal Quarles, was sworn in Monday as vice chairman of supervision, but three other spots on the seven-member board are currently vacant. If Trump does not pick Yellen as the next chair, she could also choose to leave the board, which would open a fourth spot.
Following is who he is considering for the Fed chair slot: