PANews reported on August 12th that, according to Jinshi, former St. Louis Fed President James Bullard spoke with Benson last week about the possibility of succeeding Treasury Secretary Benson. He expressed his willingness to comply with Treasury Secretary Benson's wishes. If nominated, he would accept the Fed chairmanship, provided the goal remains low and stable inflation and the Fed's independence is respected.

Former St. Louis Fed President James Bullard stated: "Anyone appointed as Fed Chair will uphold the independence of the Fed. The President has the right to express his views on Fed interest rates. Hearing different perspectives on the Fed will not affect me. I will work within the framework of the Federal Reserve Act."