Beleddrick Reid's bid for the position of the Chairman of the Federal Reserve is gaining momentum.

Insiders revealed that as President Donald Trump seeks to choose a Fed chairman who is friendly to his policies while weighing the potential backlash from Congress, calls for BlackRock Group's Rick Rieder to run for the next Fed chairman have been growing in recent days. Insiders in the internal personnel discussions said that Trump met with Rieder last Thursday, and the meeting went very smoothly. Key Senators, such as Republican member Tom Tillis of the Senate Banking Committee, have issued warnings that after the Justice Department issued a subpoena last week regarding Fed chairman Jerome Powell's comments on the Fed headquarters renovation project, Trump's nominees for the Fed will face tougher scrutiny. Powell's term is set to expire in May this year, and he claims that this criminal investigation is actually an excuse to punish him for not lowering interest rates sooner.