US Edition
Bessent: ‘Formal process’ underway to pick Powell successor
UNITED STATES, JUL 16 – Treasury Secretary Scott Bessent confirmed the formal search for Jerome Powell's successor amid pressure for a Fed chair favoring lower interest rates and market stability concerns.
- In Washington, U.S. Treasury Secretary Scott Bessent confirmed a formal process is underway to find a successor to Fed Chair Jerome Powell, noting Powell’s chair term ends in May 2026.
- Amid criticism over interest rates and renovation costs, President Donald Trump has called for an investigation into the Fed’s $2.5 billion renovation, escalating tensions with Powell.
- Potential successors to Jerome Powell include former Fed Governor Kevin Warsh and National Economic Council Director Kevin Hassett, Scott Bessent noted, pointing to contenders such as Warsh and Hassett.
- Following Bessent’s comments, two-year Treasury yields spiked to 3.93% and the Bloomberg Dollar Spot Index pared losses as investors awaited July’s CPI print and Fed leadership clarity.
- In the longer term, clear succession planning could anchor inflation expectations and uphold the Fed’s independence, while delays or contentious hearings may extend Fed leadership uncertainty into 2026, impairing policy effectiveness.
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Who is Scott Bessent? US Treasury Secretary to replace Fed Chair Jerome Powell? Here's what Donald Trump said about him
Scott Bessent, before assuming his role as the Treasury Secretary, spent his career in finance, working for macro investment billionaire George Soros and noted short seller Jim Chanos, as well as running his own hedge fund.
·New Delhi, India
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Colorado Springs GazetteReposted by 
Denver Gazette
Denver GazetteTrump: Bessent an option to replace Fed chair, 'but I like the job he's doing'
By Andrea Shalal and Jasper Ward
·Colorado Springs, United States
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Bessent: ‘Formal process’ underway to pick Powell successor
Treasury Department Secretary Scott Bessent on Tuesday said the process to pick a new chair of the Federal Reserve has started, ahead of Chair Jerome Powell’s term ending in 2026 and amid growing pressure from the White House for him to step aside early.
·Washington, United States
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Total News Sources28
Leaning Left4Leaning Right5Center7Last UpdatedBias Distribution44% Center
Bias Distribution
- 44% of the sources are Center
44% Center
L 25%
C 44%
R 31%
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