How Waller is Reshaping the Fed: Atlanta Fed Chair Selection as a Window of Observation

On June 24, according to CNBC, as the selection process for the new president of the Atlanta Federal Reserve Bank enters its seventh month, this recruitment process is under close scrutiny. Observers hope to see how the new Fed Chair Waller will reshape the Federal Open Market Committee (FOMC), which is responsible for setting interest rate policies. As Waller begins to exert his personal influence at the Fed, the selection process has also changed. According to two individuals familiar with the hiring process, the Fed had originally been searching for candidates for the Atlanta Fed chair position during former Fed Chair Powell's tenure. However, to allow Waller to take the lead on this appointment, the selection process was temporarily paused. Since the search is still ongoing, both individuals requested anonymity. They noted that Michael Faulkender, who served as a senior official at the Treasury during President Trump’s administration, has also been included in the consideration list for the Atlanta Fed president position. It remains unclear whether Faulkender is still a candidate.