Key dealers
- Scott Bessent is considered a potential candidate for succeeding Jerome Powell as the Federal Reserve Chair.
- The tensions between President Trump and Jerome Powell aggravate the urgency to name a successor.
Scott Bessent, the current Treasury Secretary and a Bitcoin supporter, are considered a potential successor for the Federal Reserve Chairman Jerome Powell, Bloomberg reported Tuesday and notes that his name has been moved by President Donald Trump’s adviser.
An official in the White House quickly dismissed the report, Reuters said.
Trump’s card list also has experienced economic decision makers such as Kevin Warsh, who was previously controlled for Treasury Secretary, NEC Director Kevin Hassett, Fed Governor Christopher Waller and ex -world bank manager David Malpass.
Bessent, which monitors greater fiscal policy, including the American strategic Bitcoin Reserve Initiative, did not confirm or deny the interest in the Fed -chairman’s role when it is reached by Bloomberg.
“I have the best job in Washington,” Trump’s finance minister said in a statement. “The president will decide who is the best for the economy and the American people.”
Regardless of Bessent’s presence in the small candidate pool, the name of Powell’s successor is expected to be “very soon”, according to President Trump.
Although Powell’s term extends through May 2026, the Trump administration has begun preparations to start the search for its successor.
The reason behind the move is to intensify political and economic pressure. President Trump has repeatedly criticized Powell’s cautious monetary strategy and accused the Fed of being too slow to fight inflation and economic fighters.
He has constantly urged the central bank to lower interest rates, even threatened to fire Powell in favor of a more adapted candidate.
In response to Trump’s driving force, Fed has mostly maintained silence on political decisions without directly participating in political disputes.
In several public speeches and press conferences, however, Powell has confirmed the FED’s independence and emphasized that monetary policy decisions are only based on financial data and FED’s double mandate for maximum employment and price stability.
There is some market support for Trump’s idea of shooting Powell. According to Reuters, experts have warned to remove the Fed chairclaims that it would seriously undermine confidence in Federal Reserve’s independence and Federal Reserve’s ability to fight inflation.
Bessent told Reuters in April that the White House planned to start interviewing prospective candidates for the next Fed Manager this fall. He added that the process is routine and trivialized concern that Powell is removed early.
