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MortgagePoint » Your Trusted Source for Mortgage Banking and Servicing News 60 December 2025 J O U R N A L Government PRESIDENT HINTS AT CHOICE FOR NEXT FED CHAIR W ho will be the next chair of the Federal Reserve? Bloomberg reported that President Trump said he thinks he's identified his choice to replace the cur- rent Fed Chair, Jerome Powell. Bloomberg said the president sug- gested that people are holding him back from firing Powell. "I think I already know my choice," Trump told reporters in the Oval Office. He did not identify who the choice is, however. "I'd love to get the guy current- ly in there out right now, but people are holding me back." Treasury Secretary Scott Bessent is leading the search and has said he has narrowed the pool of contenders to current Fed Governors Christopher Waller and Michelle Bowman, former Fed Governor Kevin Warsh, White House National Economic Council Director Kevin Hassett, and BlackRock Inc. executive Rick Rieder. "We have some surprising names, and we have some standard names that everybody's talking about," Trump said. "And we may go the standard way. It's nice to every once in a while to go politi- cally correct." Bloomberg noted that Trump has mused publicly about the decision, praising candidates on the list, but has been coy about suggesting whether he's leaning toward any one candidate. Bessent later said on Fox News that he hoped to conclude the search process in December. "We're doing another round of inter- views. Then some people in the White House will be doing interviews, probably right after Thanksgiving," Bessent said. "Mid-December, the President will meet with the final three candidates and hope- fully have an answer before Christmas." Trump repeatedly has criticized Powell for being too slow to slash interest rates. Powell's term as chair ends in May, but his term as governor is not scheduled to end until 2028. Trump said again that he'd like Bes- sent to take the Fed job, but that Bessent enjoys his role in the administration as Treasury Secretary too much to leave. Bessent confirmed, however, on Fox News that he could "safely say" he won't be the pick. Bloomberg reported that the next Fed chair likely will be named to a 14-year Fed governor term that opens on Feb. 1. The term that expires at that time is currently held by Stephen Miran, who is on unpaid leave from the White House Council of Economic Advisers. Trump nominated Miran in August to fill a vacancy at the Federal Reserve's Board of Governors. Adriana Kugler, who was appoint- ed to the Federal Reserve Board by President Joe Biden in 2023, stepped down from her position as Governor on the Fed Board to return to Georgetown University as a Professor in the fall. Bloomberg said the next Fed chair will need to maintain a careful balanc- ing act, appealing to Trump's desire for lower interest rates while also maintain- ing investor confidence. FHLBANKS BACK FHFA'S EFFORTS TO MODERNIZE OVERSIGHT, EXPAND HOUSING SUPPLY I n its comments on the Federal Housing Finance Agency's (FHFA) draft Strategic Plan: Fiscal Years 2026–2030, the Council of Federal Home Loan Banks expressed support for the agency's ongoing efforts, led by Director Bill Pulte, to modernize oversight and lessen needless regulatory burdens on the Federal Home Loan Banks (FHLBanks). In addition to praising FHFA's recent actions to remove out-of-date guidelines and advisory bulletins that were not open to public notice and discussion, the Council's letter suggests integrating the objective of lowering needless reg- ulatory burdens across the supervisory framework of the FHLBank System. Additionally, the Council calls on FHFA to make sure that regulations and regu- latory guidelines enable the FHLBanks to effectively fulfill their fundamental liquidity mandate, which promotes affordable housing, community devel- opment, and housing finance. The Council's remarks draw atten- tion to how specific rules and advisory bulletins have restricted the 11 FHL- Banks' capacity to offer liquidity to their members. They also urge FHFA to keep improving these frameworks in order to better align them with safety and sound- ness goals while enabling the System to take more action to address housing issues across the country.