The list of candidates for the Federal Reserve chairmanship keeps getting longer. And longer. And looooonger<\/em>.<\/p>\n Be quicker to guess who *isn’t* on the list.<\/p>\n \u2014 Guy LeBas (@lebas_janney) August 13, 2025<\/a><\/p><\/blockquote>\n<\/div>\n However, given the potentially huge consequences of the choice, FT Alphaville though it was worth going through all of<\/em> them and grading the candidates on a variety of our highly rigorous and proprietary quantamental metrics. <\/p>\n A quick reminder of the Fed\u2019s structure: The US central bank is run by a Board of Governors in DC and the heads of a dozen regional Fed banks in places like Boston, St Louis and Cleveland. Governors are nominated for 14-year terms, and from them the US president nominates one for a four-year term as chair. <\/p>\n Jay Powell\u2019s term as Fed chair ends in May 2026 and it\u2019s pretty safe to assume it won\u2019t be renewed, given President Donald Trump lambasting him as a \u201cstubborn MORON\u201d, a \u201cnumbskull\u201d, a \u201cdisaster\u201d, and a \u201cdummy\u201d.<\/p>\n However, this is probably Trump\u2019s only shot at reshaping the central bank. The president has no power to choose the regional Fed presidents \u2014\u00a0they are selected by a local board of made up of prominent businesspeople from their respective regions \u2014 and there are only two governorships expiring under the current Trump presidency: the one recently vacated by Adriana Kugler and now taken temporarily by Stephen Miran, and Powell\u2019s own governorship, which doesn\u2019t end until January 2028.<\/p>\n As a result, even selecting a headbanger as Fed chair won\u2019t necessarily mean a Trumpist takeover of the US central bank. In fact, Alphaville wouldn\u2019t be surprised if Powell decides to stay on as a Fed governor even after his term as chair ends next May. If so he could function as a sort of \u201cshadow chair\u201d for the mainstream members of the FOMC even if someone else formally holds the title. <\/p>\n On the other hand, it probably isn\u2019t wise to be too sanguine over the dangers. As PGIM Fixed Income\u2019s Gregory Peters told FTAV earlier this summer:<\/p>\n .\u2009.\u2009.\u2009Investors are placing confidence in the structure of the Fed. That the FOMC will hold together. So even if you have someone installed who wants to cut interest rates to zero, there is a committee process that will act as a check and balance. <\/p>\n I believe that. I hope that is true. But one of the lessons we\u2019ve learnt over the past six months is that you can\u2019t take too much comfort in institutional norms. Just because something hasn\u2019t been done before, doesn\u2019t mean they won\u2019t try to do it now. So it does worry me.<\/p>\n<\/blockquote>\n Anyway, here are all the names we\u2019ve seen or heard floated, and ranked by their dovishness, their Trumpism and the likelihood of freaking out markets, going from 1 to 5 (ish). As you can see, we are firmly in the world of least-bad options here.<\/p>\n Has apparently taken himself out of the running, but Trump likes a twist, and we suspect Bessent sees a potential Fed chair when looking in the mirror. What better way to snag the job yourself than by being in charge of the search committee?<\/p>\n Plus, with the dim chances for a grandiose Bretton Woods-style \u201cMar-a-Lago Accord\u201d \u2014 which Bessent has said he\u2019d \u201clike to be a part of\u201d \u2014 and the usual Trump White House chaos he might fancy a job change sooner rather than later.<\/p>\n Bessent would presumably be extremely dovish and Trump-aligned as Fed chair, but is generally seen as one of the more competent and sober Trump officials. There are certainly worse candidates on this list.<\/p>\n On the other hand, Bessent\u2019s criticisms of the Fed have been pretty shrill and norm-defying, and he has said that he is \u201caware\u201d of how Henry Morgenthau Jr served as both Treasury secretary and Fed chair in the 1930s. If something like that is attempted then the market reaction would be\u2009.\u2009.\u2009.\u2009interesting.<\/p>\n Dovishness:<\/strong> \ud83d\udd4a\ufe0f\ud83d\udd4a\ufe0f\ud83d\udd4a\ufe0f\ud83d\udd4a\ufe0f<\/p>\n Trumpism:<\/strong> \ud83c\udf4a\ud83c\udf4a\ud83c\udf4a\ud83c\udf4a<\/p>\n Freakout potential: \ud83e\udd2e\ud83e\udd2e<\/strong> (\ud83e\udd2e\ud83e\udd2e\ud83e\udd2e\ud83e\udd2e\ud83e\udd2e if the Fed and Treasury jobs are combined)<\/p>\n Waller is a sitting Fed governor since 2020, a former head of research at the St Louis Fed, a monetary policy specialist and a Trump 1.0 appointee, and is now the leading candidate for the Fed chairmanship. <\/p>\n His dovish shift has certainly helped his cause in the White House.<\/p>\n The pretty obviously cynical jump from advocating for \u201cmore caution\u201d on rate cuts in the autumn of 2024 to suddenly being the FOMC\u2019s leading dove might have dinged his credibility, but Waller has been able to couch the reversal in semi-credible macroeconomic terms.<\/p>\n He is easily the favoured candidate of most investors, given his chops. And despite his overt keenness on the job, Waller would probably be welcomed by most of the Fed\u2019s staffers as well, given some of the other candidates on the White House\u2019s list. <\/p>\n Dovishness: \ud83d\udd4a\ufe0f<\/strong>\ud83d\udd4a\ufe0f\ud83d\udd4a\ufe0f<\/p>\n Trumpism: \ud83c\udf4a<\/strong><\/p>\n Freakout potential: \ud83e\udd2e<\/strong><\/p>\n Yes. Really. In fact, the chief market strategist at Jefferies is at pixel time the 4th favourite on Kalshi, the betting market. <\/p>\n Zervos would unquestionably bring more flair and hair to the Fed chairmanship, and he does have some pedigree as a former Fed economist and hedge fund manager at the likes of Brevan Howard. He\u2019s also been getting close to the Magasphere through his friendship with Kellyanne Conway, which could be a big help if he wants the big job. <\/p>\n But this feels like one of those rumours floated about just to generate attention, and Trump seems to want a Fed chair who actually looks like a Fed chair. <\/p>\n Dovishness: \ud83d\udd4a\ufe0f<\/strong>\ud83d\udd4a\ufe0f\ud83d\udd4a\ufe0f\ud83d\udd4a\ufe0f<\/p>\n Trumpism: \ud83c\udf4a\ud83c\udf4a\ud83c\udf4a<\/strong><\/p>\n Freakout potential: \ud83e\udd2e\ud83e\udd2e\ud83e\udd2e\ud83e\udd2e<\/strong><\/p>\n Hassett was once mostly famous for co-writing the bestselling 1999 book Dow 36,000<\/em> \u2014 once dubbed \u201cperhaps the most spectacularly wrong investing book ever\u201d \u2014 but is now primarily known as Trump\u2019s premier economist cheerleader. <\/p>\n On paper he seems like a credible candidate for Fed chair. Hassett has a PhD in economics from the University of Pennsylvania, stints at the Fed\u2019s research division and the Treasury under the first Bush and Clinton administrations, followed by a long residency at the American Enterprise Institute. <\/p>\n He then served as chair of the Council of Economic Advisors in the first Trump presidency.<\/p>\n However, the increasing extremity of his Trump sycophancy has unnerved a lot of investors and analysts, even as it has made him one of the frontrunners for the gig as chair of the US central bank. His modelling skills need work though.<\/p>\n Dovishness:<\/strong> \ud83d\udd4a\ufe0f\ud83d\udd4a\ufe0f\ud83d\udd4a\ufe0f\ud83d\udd4a\ufe0f\ud83d\udd4a\ufe0f<\/p>\n Trumpism:<\/strong> \ud83c\udf4a\ud83c\udf4a\ud83c\udf4a\ud83c\udf4a\ud83c\udf4a<\/p>\n Freakout potential: \ud83e\udd2e\ud83e\udd2e\ud83e\udd2e<\/strong><\/p>\n Warsh has been a frontrunner for Trump\u2019s Fed chair for almost a decade, having narrowly lost out to Jay Powell back in 2017.<\/p>\n Once again, the CV looks plausible. Warsh briefly worked as an investment banker at Morgan Stanley, but then served on the National Economic Council under George W Bush, who then nominated him for a Fed governorship in 2006 despite just being 35 years old at the time. <\/p>\n During the global financial crisis he proved an able sidekick to Fed chair Ben Bernanke, who said in his memoirs that Warsh was one of his \u201cmost frequent companions on the endless conference calls through which we shaped our crisis-fighting strategy\u201d.<\/p>\n However, many investors and economists who Alphaville has spoken to are unimpressed by his candidacy. They say the reality is that he is a lightweight, instinctive hawk who has desperately tried to reinvent himself as a dovish Trump devotee to win a job that on pure merit he probably shouldn\u2019t be anywhere near. <\/p>\n But he\u2019s married to the daughter of Trump megadonor and fellow Greenland fan Ronald Lauder, and he\u2019s got that central casting look that the president is fond of, so obviously he\u2019s one of the leading contenders.<\/p>\n Dovishness:<\/strong> \ud83d\udd4a\ufe0f \/ \ud83d\udd4a\ufe0f\ud83d\udd4a\ufe0f\ud83d\udd4a\ufe0f (because, really, who knows for sure)<\/p>\n Trumpism:<\/strong> \ud83c\udf4a\ud83c\udf4a\ud83c\udf4a<\/p>\n Freakout potential: \ud83e\udd2e\ud83e\udd2e<\/strong><\/p>\n The chatter is that he is just a temporary placement on the board \u2014 holding a seat warm in case Trump decides he wants an outsider and needs a governor slot to get them in \u2014 but it seems weird to discount him.<\/p>\n After all, Miran\u2019s Trumpist bona fines are impeccable, and his Harvard PhD in economics gives him the of intellectual credentials needed (though Harvard PhDs are clearly not the marker of intellect that they once were). <\/p>\n We covered what a Miran Fed might look like earlier this week. Suffice to say he probably isn\u2019t the favourite candidate of investors. Miran might not be able to convince his FOMC colleagues to slash rates immediately, but his longer-term vision of a more Dovishness:<\/strong> \ud83d\udd4a\ufe0f\ud83d\udd4a\ufe0f\ud83d\udd4a\ufe0f\ud83d\udd4a\ufe0f\ud83d\udd4a\ufe0f<\/p>\n Trumpism:<\/strong> \ud83c\udf4a\ud83c\udf4a\ud83c\udf4a\ud83c\udf4a\ud83c\udf4a<\/p>\n Freakout potential: \ud83e\udd2e\ud83e\udd2e\ud83e\udd2e\ud83e\udd2e\ud83e\udd2e<\/strong><\/p>\n Waller is generally seen as the leading \u201cinternal\u201d candidate, but Bowman has also been making noticeably dovish coos lately that means she might be in the mix. Or at least is very keen to be in it.<\/p>\n A speech to the Kansas Bankers Association last week screamed \u201chow do you say you want to be Trump\u2019s Fed chair without actually saying you want to be Trump\u2019s Fed chair\u201d. She also joined Waller in voting for an interest rate cut at the July FOMC meeting. <\/p>\n However, despite being a Trump appointee from 2018 and being elevated to vice-chair for banking supervision by the new Trump administration earlier this year, Bowman seems a long shot. <\/p>\n If the president decides to go with a semi-normal, markets-soothing candidate there are stronger monetary policy types on the list, and if he wants an \u201cown the libs\u201d headbanger then a steady former Kansas banking commissioner seems a bad fit. <\/p>\n Dovishness:<\/strong> \ud83d\udd4a\ufe0f\ud83d\udd4a\ufe0f\ud83d\udd4a\ufe0f<\/p>\n Trumpism:<\/strong> \ud83c\udf4a\ud83c\udf4a<\/p>\n Freakout potential: \ud83e\udd2e\ud83e\udd2e<\/strong><\/p>\n One of the wild cards thrown into the mix recently. Bullard would come with impeccable Fed chair credentials, as the former head of the St Louis Fed between 2008 and 2023 and a reputation as a smart, bellwether FOMC voter. <\/p>\n He\u2019s now the dean of Purdue University\u2019s business school, but definitely seems keen on the gig. While stressing the importance of an independent Fed, the dollar\u2019s reserve status and low and stable inflation on a CNBC interview yesterday, Bullard also said that he didn\u2019t think tariffs would be inflationary and argued that the Fed could, should and will cut interest rates.<\/p>\n If Bessent called all the shots we could easily see Bullard as a frontrunner, but there\u2019s only one person in the White House who truly matters, and Bullard seems an odd fit for a Trump Fed chair. <\/p>\n Dovishness:<\/strong> \ud83d\udd4a\ufe0f\ud83d\udd4a\ufe0f<\/p>\n Trumpism:<\/strong> \ud83c\udf4a<\/p>\n Freakout potential: \ud83e\udd2e<\/strong><\/p>\n Another old-school Republican economist who has suddenly appeared out of nowhere to be on the longlist of candidates. <\/p>\n Alphaville has to admit that we\u2019re not familiar with his work, but Wikipedia informs us that he was deputy director of George W Bush\u2019s National Economic Council and has since 2013 run his own economic consulting firm (which the WSJ says has worked with Bessent in the past).<\/p>\n Intriguingly, it seems he was tapped up to be a Fed governor by the first Trump administration, but declined to put his name forward. His views are hard to know, so the below assessment is based entirely on vibes. <\/p>\n Dovishness:<\/strong> \ud83d\udd4a\ufe0f\ud83d\udd4a\ufe0f<\/p>\n Trumpism:<\/strong> \ud83c\udf4a<\/p>\n Freakout potential: \ud83e\udd2e\ud83e\udd2e<\/strong> (though really who knows)<\/p>\n We\u2019re including Shelton because she makes the top 10 probable candidates on Kalshi, with an implied 3 per cent chance of getting the nod at the time of writing. <\/p>\n We really really<\/em> hope that is far too high, but this is 2025, so \u00af\\_ (\u30c4)_\/\u00af <\/p>\n To give a sense of Shelton\u2019s vibe, it was reportedly being paired with her as Fed governor nominees that caused Sumerlin to refuse his nomination in 2019. <\/p>\n She\u2019s mostly known as a goldbug with\u2009.\u2009.\u2009.\u2009unorthodox views on monetary policy in general and the Fed in particular. She was an uber-hawk until ca 2am ET on November 9, 2016, when she underwent a magical metamorphosis into an uber-dove. Her candidacy for Fed governor was so controversial that over 100 prominent US economists \u2014 including seven Nobel laureates and 79 former Fed officials \u2014 sent an open letter to the Senate begging it not to confirm her. <\/p>\n She still only narrowly failed to make it.<\/p>\n Dovishness:<\/strong> \ud83d\udd4a\ufe0f\ud83d\udd4a\ufe0f\ud83d\udd4a\ufe0f\ud83d\udd4a\ufe0f\ud83d\udd4a\ufe0f<\/p>\n Trumpism:<\/strong> \ud83c\udf4a\ud83c\udf4a\ud83c\udf4a\ud83c\udf4a\ud83c\udf4a<\/p>\n Freakout potential: \ud83e\udd2e\ud83e\udd2e\ud83e\udd2e\ud83e\udd2e\ud83e\udd2e\ud83e\udd2e\ud83e\udd2e\ud83e\udd2e\ud83e\udd2e\ud83e\udd2e\ud83e\udd2e\ud83e\udd2e\ud83e\udd2e\ud83e\udd2e\ud83e\udd2e\ud83e\udd2e<\/strong><\/p>\n By far one of the more intriguing names that has been leaked out in recent days. <\/p>\n Logan is a career Fed official who is currently the head of the Dallas Fed, after having headed the New York Fed\u2019s System Open Market Account desk \u2014 which is tasked with handling the central bank\u2019s balance sheet and interest rates machinery. <\/p>\n So although she\u2019s contributed to the decline of economics PhDs at the Fed, Logan would come with sterling credentials when it comes to the practical sides of monetary policy. Her speeches on quantitative tightening are must-reads [all speeches on quantitative tightening are must-reads \u2014 Ed]<\/em>. <\/p>\n Still, she hasn\u2019t voted to cut interest rates this year, which we suspect is going to be the main thing Trump looks for in his nominees. <\/p>\n Dovishness:<\/strong> \ud83d\udd4a\ufe0f<\/p>\n Trumpism:<\/strong> \ud83c\udf4a<\/p>\n Freakout potential: \ud83e\udd2e<\/strong><\/p>\n The Fed\u2019s current vice chair has apparently also made the Trump administration\u2019s expanding list of possible candidates, but this seems an even longer shot than Logan.<\/p>\n Firstly, Jefferson was appointed by Joe Biden, which seems to be an automatic red flag for Trump these days. Secondly, he has consistently voted with and voiced support for the Powell\u2019s monetary policy strategy, which is not the way to endear yourself with the current White House incumbent.<\/p>\n Thirdly, although Jefferson\u2019s monetary policy expertise is unquestionable \u2014 he\u2019s a former Fed staffer and economics professor \u2014 he is also known as an expert on poverty and inequality. That is probably another immediate disqualifier for the Trump administration. <\/p>\n Dovishness:<\/strong> \ud83d\udd4a\ufe0f<\/p>\n Trumpism:<\/strong> \ud83c\udf4a<\/p>\n Freakout potential: \ud83e\udd2e<\/strong><\/p>\n Named by CBNC alongside Zervos this morning, and probably has the same (low) chances of getting the Fed job.<\/p>\n Although we can see the likes of Bessent favouring someone with oodles of financial experience like Rieder \u2014 he\u2019s chief investment officer for global fixed income at BlackRock \u2014 it feels like the administration is now just throwing out the names of anyone somewhat credible who has voiced support for lower interest rates. And he\u2019s probably too sensible to accept it, even if offered. <\/p>\n On the other hand, at BlackRock Rieder \u201conly\u201d manages $2.4tn. At the Fed he\u2019d have $6.6tn to handle. <\/p>\n Dovishness:<\/strong> \ud83d\udd4a\ufe0f\ud83d\udd4a\ufe0f<\/p>\n Trumpism:<\/strong> \ud83c\udf4a<\/p>\n Freakout potential: \ud83e\udd2e\ud83e\udd2e<\/strong><\/p>\n OK this is now just getting silly. Alphaville suspects that the growing list is driven by 1) encouraging more people to publicly call for interest rate cuts by dangling a big job in front of them, 2) adding competent but unlikely candidates to make the exercise seem more rigorous and confer legitimacy to the loons included, and 3) to massage some egos.<\/p>\n Lindsey\u2019s inclusion seems to be a mix of the last two. He has all the usual qualifiers \u2014 Harvard PhD in economics, serious stints at Treasury under Reagan and both Bushes, and most importantly a Fed governorship from 1991 to 1997 \u2014 but still feels like room filler.<\/p>\n Dovishness:<\/strong> \ud83d\udd4a\ufe0f\ud83d\udd4a\ufe0f<\/p>\n Trumpism:<\/strong> \ud83c\udf4a\ud83c\udf4a<\/p>\n Freakout potential: \ud83e\udd2e<\/strong><\/p>\n Let me just add this to the water table\u2026<\/p>\n Bill Pulte would be an exceptional pick to run the Federal Reserve. He is crushing it at Fannie\/Freddie and deeply understands rates. <\/p>\n I think the next Fed Chair needs to be: someone who understands rates because they actively\u2026 https:\/\/t.co\/Ekmm5du0EZ<\/p>\n \u2014 Chamath Palihapitiya (@chamath) July 22, 2025<\/a><\/p><\/blockquote>\n<\/div>\n Dovishness:<\/strong> \ud83d\udd4a\ufe0f\ud83d\udd4a\ufe0f\ud83d\udd4a\ufe0f\ud83d\udd4a\ufe0f\ud83d\udd4a\ufe0f<\/p>\n Trumpism:<\/strong> \ud83c\udf4a\ud83c\udf4a\ud83c\udf4a\ud83c\udf4a\ud83c\udf4a<\/p>\n Freakout potential: <\/strong><\/p>\n\n
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Scott Bessent<\/h2>\n
![\"\"](\"https:\/\/www.ft.com\/__origami\/service\/image\/v2\/images\/raw\/https%3A%2F%2Fd1e00ek4ebabms.cloudfront.net%2Fproduction%2F99a42bb4-d381-4798-a83e-2a204b992e59.jpg?source=next-article&fit=scale-down&quality=highest&width=700&dpr=1\")
<\/picture>Chris Waller<\/h2>\n
![\"\"](\"https:\/\/www.ft.com\/__origami\/service\/image\/v2\/images\/raw\/https%3A%2F%2Fd1e00ek4ebabms.cloudfront.net%2Fproduction%2F9cb1fe5b-e4ae-49d7-943a-f764d913bf7d.jpg?source=next-article&fit=scale-down&quality=highest&width=700&dpr=1\")
<\/picture>David Zervos<\/h2>\n
![\"\"](\"https:\/\/www.ft.com\/__origami\/service\/image\/v2\/images\/raw\/https%3A%2F%2Fd1e00ek4ebabms.cloudfront.net%2Fproduction%2Fe02938b0-1177-43c4-be18-97b2d0f18912.png?source=next-article&fit=scale-down&quality=highest&width=700&dpr=1\")
<\/picture>Kevin Hassett<\/h2>\n
![\"\"](\"https:\/\/www.ft.com\/__origami\/service\/image\/v2\/images\/raw\/https%3A%2F%2Fd1e00ek4ebabms.cloudfront.net%2Fproduction%2F54955663-b42b-47fd-a768-2fd43fdab6c3.jpg?source=next-article&fit=scale-down&quality=highest&width=700&dpr=1\")
<\/picture>Kevin Warsh<\/h2>\n
![\"\"](\"https:\/\/www.ft.com\/__origami\/service\/image\/v2\/images\/raw\/https%3A%2F%2Fd1e00ek4ebabms.cloudfront.net%2Fproduction%2F404cdd64-ab29-4542-92fb-63ae7fb528eb.jpg?source=next-article&fit=scale-down&quality=highest&width=700&dpr=1\")
<\/picture>Stephen Miran<\/h2>\n
![\"\"](\"https:\/\/www.ft.com\/__origami\/service\/image\/v2\/images\/raw\/https%3A%2F%2Fd1e00ek4ebabms.cloudfront.net%2Fproduction%2Fa77fd53a-c266-458c-8ddd-f59ed4ce72f0.jpg?source=next-article&fit=scale-down&quality=highest&width=700&dpr=1\")
<\/picture>supine<\/s> accountable Fed is more than a little unnerving. <\/p>\nMiki Bowman<\/h2>\n
![\"\"](\"https:\/\/www.ft.com\/__origami\/service\/image\/v2\/images\/raw\/https%3A%2F%2Fd1e00ek4ebabms.cloudfront.net%2Fproduction%2Fff6fd5d0-b1d6-4274-9637-1e94f06cc132.jpg?source=next-article&fit=scale-down&quality=highest&width=700&dpr=1\")
<\/picture>Jim Bullard<\/h2>\n
![\"\"](\"https:\/\/www.ft.com\/__origami\/service\/image\/v2\/images\/raw\/https%3A%2F%2Fd1e00ek4ebabms.cloudfront.net%2Fproduction%2F8a6e387c-f0b1-4bb1-8def-abae59577552.jpg?source=next-article&fit=scale-down&quality=highest&width=700&dpr=1\")
<\/picture>Marc Sumerlin<\/h2>\n
![\"\"](\"https:\/\/www.ft.com\/__origami\/service\/image\/v2\/images\/raw\/https%3A%2F%2Fd1e00ek4ebabms.cloudfront.net%2Fproduction%2Fb3258e76-be5a-4611-8047-5afc4b0aea2d.png?source=next-article&fit=scale-down&quality=highest&width=700&dpr=1\")
<\/picture>Judy Shelton <\/h2>\n
![\"\"](\"https:\/\/www.ft.com\/__origami\/service\/image\/v2\/images\/raw\/https%3A%2F%2Fd1e00ek4ebabms.cloudfront.net%2Fproduction%2Fce8c2508-0004-41e9-8b67-e666ed57e302.jpg?source=next-article&fit=scale-down&quality=highest&width=700&dpr=1\")
<\/picture>Lorie Logan<\/h2>\n
![\"\"](\"https:\/\/www.ft.com\/__origami\/service\/image\/v2\/images\/raw\/https%3A%2F%2Fd1e00ek4ebabms.cloudfront.net%2Fproduction%2F13f4cc7d-909c-4954-a228-c1bf53a3874f.jpg?source=next-article&fit=scale-down&quality=highest&width=700&dpr=1\")
<\/picture>Philip Jefferson<\/h2>\n
![\"\"](\"https:\/\/www.ft.com\/__origami\/service\/image\/v2\/images\/raw\/https%3A%2F%2Fd1e00ek4ebabms.cloudfront.net%2Fproduction%2Fd21d6925-19a0-4d71-a8df-0d1a34ee28e6.jpg?source=next-article&fit=scale-down&quality=highest&width=700&dpr=1\")
<\/picture>Rick Rieder<\/h2>\n
![\"\"](\"https:\/\/www.ft.com\/__origami\/service\/image\/v2\/images\/raw\/https%3A%2F%2Fd1e00ek4ebabms.cloudfront.net%2Fproduction%2F62c27291-382b-413e-8eea-ab5412dab26b.jpg?source=next-article&fit=scale-down&quality=highest&width=700&dpr=1\")
<\/picture>Larry Lindsey<\/h2>\n
![\"\"](\"https:\/\/www.ft.com\/__origami\/service\/image\/v2\/images\/raw\/https%3A%2F%2Fd1e00ek4ebabms.cloudfront.net%2Fproduction%2F80e62c5f-2b3b-46e6-add4-518730dcb280.png?source=next-article&fit=scale-down&quality=highest&width=700&dpr=1\")
<\/picture>Bill Pulte<\/h2>\n
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