Kevin Warsh

Hawk or Dove? The former Fed governor is among the most hawkish of the contenders. In January, Warsh said the Fed was close to achieving its goals of maximum employment and price stability. “Tell me again why interest rates seem to be so far away” from the historical target, Warsh said.

Warsh, 47, has said central bankers should be concerned about elevated asset prices. “I see way too much complacency,” he said. “When I see volatility measures in the stock market and bond market at historic lows, if I were a central banker, I wouldn’t take comfort from that.” As a Fed governor, he opposed the second round of quantitative easing, then voted to support the stimulus to provide a greater consensus behind Bernanke.

Regulatory Views: He co-wrote a commentary in July supporting the Trump administration’s plans for higher growth in part by reducing regulations. He has said Fed regulation “now micromanages big banks and effectively caps their rate of return.”

Pros: His regulatory views fit closely to Trump’s so he would be more likely to overhaul rules as opposed to fine-tuning them. While less dovish than Yellen, “Warsh has never seemed doctrinaire on rates,” said Amherst Pierpont’s Stanley. Warsh also has a personal connection. He’s married to Jane Lauder, daughter of Trump friend Ronald Lauder and a global brand president at the cosmetic company founded by her grandmother, Estee Lauder.

Cons: He’s the youngest and least experienced of the contenders. His concerns about inflation as a Fed governor have proven to be misplaced, as inflation has undershot the Fed’s 2 percent goal. His candidacy has attracted opposition from left-leaning activists, particularly for his cheerleading prior to the financial crisis of Wall Street innovations.

John Taylor

Hawk or Dove? He’s likely among the most hawkish of the contenders. Taylor created a widely cited rule for setting interest rates that’s named after him. The 70-year-old has called for rules-based policies and argued the Fed has engaged in too much discretion. He’s also argued the Fed’s unconventional policies, including asset purchases, haven’t work. “The Federal Reserve is a little behind the curve” in raising rates, Taylor said in January.

A strict adherence to the so-called Taylor Rule would have required the Fed to hold interest rates higher during most of Yellen’s four-year term, though its policy prescription varies a lot depending on what assumptions are made about the economy’s potential rate of growth.

Regulatory Views: Taylor has argued less regulation is key to pro-growth policies. “To turn the economy around we need to take the muzzle off, and that means regulatory reform, tax reform, budget reform, and monetary reform,” he wrote in his blog.