1968 Wharton graduate and President Donald Trump’s administration tapped two Penn alumni to potentially replace Jerome Powell as chairman of the Federal Reserve.
According to recent reports, 1987 Wharton MBA graduate Rick Rieder and 1990 School and Arts and Sciences graduate Kevin Hassett are both under consideration for the nation’s top central banking position. Trump first nominated Powell — whose term ends on May 15 — to the role in 2017.
Sources told Fox Business that Rieder was scheduled to interview at the White House on Thursday. White House spokesperson Kush Desai rejected the reporting.
“Until an announcement is officially made by the President, any reporting about Fed nominations is pointless speculation,” Desai wrote in a statement to The Daily Pennsylvanian.
Rieder — who also serves as BlackRock’s chief investment officer of global fixed income — previously served as vice chairman of the Treasury’s Borrowing Committee and as a member of the Federal Reserve’s Investment Advisory Committee on Financial Markets.
Hassett is currently the director of the National Economic Council. During Trump’s first administration, he served as chairman of the Council of Economic Advisers from 2017-19.
The nomination process for a new chairman of the Federal Reserve comes amid an ongoing Department of Justice investigation into Powell.
The investigation surrounds Powell’s 2025 congressional testimony regarding renovations to the Federal Reserve’s office buildings. Prosecutors allege that Powell falsely testified that amenities such as private elevators, a rooftop terrace, and dining rooms were not included in the renovation plans.
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Despite the Justice Department investigation, Trump, who has criticized Powell on several occasions, said on Wednesday that he does not plan to fire Powell before the end of his term.
Trump is expected to make his decision by the end of January. Several other individuals are reportedly under consideration for the role, including former member of Federal Reserve Board of Governors Kevin Warsh and current member Christopher Waller.
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Senior reporter Amy Liao covers clubs and societies and can be reached at liao@thedp.com. At Penn, she studies philosophy, politics, and economics. Follow her on X @amyliiao.
