By WSJ Staff

The unusual dissent among Federal Reserve officials and President Trump's demands for lower rates have cast extra attention on who gets to vote on policy moves.

Four of the 12 voting members of the policy committee will change in January, due to the annual rotation of voting seats among the Fed's regional reserve-bank presidents.

Three of the four incomers have made hawkish comments in recent months, flagging concerns about cutting rates too much and finding inflation a bigger problem ahead. Here's what to know about the incomers:

-- Beth Hammack: In November, the Cleveland Fed president said she was skeptical about further cuts. And she used her final vote in 2024 to dissent against a quarter-point rate cut.

-- Neel Kashkari: The Minneapolis Fed president also indicated he leaned toward pausing rates in December. He has pushed back against the idea of a preset course for a series of cuts.

-- Lorie Logan: The Dallas Fed president has indicated she wouldn't have voted for October's rate cut and likely opposed the latest one. "With inflation running persistently above target, a fed-funds rate close to 4% isn't nearly as restrictive as you might have thought," she said last month.

-- Anna Paulson: Appointed to lead the Philadelphia Fed in April, Paulson is usually regarded as a centrist. The economist's comments indicated she leaned toward cutting this month.

Presidents of the 12 quasi-private regional reserve banks are chosen by their own boards of directors. The Fed's governors in Washington must approve the selection.

The four incomers will replace:

-- Austan Goolsbee: The Chicago Fed president voted for keeping rates on hold this month, joining with...

-- Jeff Schmid: President of the Kansas City Fed, who also dissented from the October cut.

-- Boston Fed President Susan Collins and St. Louis Fed President Alberto Musalem. The duo voted with the majority this week, but earlier comments indicated they might lean toward pausing.

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(END) Dow Jones Newswires

December 12, 2025 08:45 ET (13:45 GMT)

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