Economist Marc Sumerlin confirms running for Fed chair

Federal Reserve headquarters

Economist Marc Sumerlin confirmed that he is running to be the next Federal Reserve chair in an interview with CNBC on Aug. 14.

“I got a call last Wednesday that said there was going to be a list [and] I was going to be on it. That’s as much as I know right now,” he said. “I’m waiting for more guidance on where we go from here.”

Sumerlin also voiced his support for a big interest rate cut. The former senior economist under then-President George W. Bush said that a 50 basis-point rate cut “seems like pretty much a no-brainer to me.”

Sumerlin noted he is close friends with Treasury Secretary Scott Bessent, who has taken a leading role in the search for the next chair, saying the two have been discussing monetary policy “weekly for probably 12 years.”

He underscored the importance of the Fed’s independence amid the unprecedented public criticism President Donald Trump directed at Powell, adding that his acceptance of the position would depend on visions aligning with Trump.