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Bessent: I'll Leave the Rockets to Elon, He Can Leave the Finances to Me
- Treasury Secretary Scott Bessent announced Thursday that the Trump administration will seek a replacement for Federal Reserve Chair Jerome Powell this fall, citing a pool of 'good candidates' and plans for nominations.
- President Trump has publicly criticized Powell and urged him to resign amid disagreements over interest rate policies, prompting a search for a new Fed chair this fall.
- Bessent warned that delaying rate cuts could necessitate larger reductions in September, highlighting the risk of higher future cuts if the Fed does not act soon.
- The Federal Reserve Act requires board members to devote full time, and such dual roles have not occurred since the 1930s, limiting Bessent's potential to serve simultaneously as Treasury Secretary and Fed chair.
- Beyond the immediate search, the Biden administration aims to fill two Fed board seats next year, with contenders including Kevin Warsh, Kevin Hassett, David Malpass, and Christopher Waller.
10 Articles
10 Articles
Trump admin has ‘lot of good candidates’ to replace Fed Chair Jerome Powell: Bessent
The Trump administration will focus on finding a replacement for Federal Reserve Chairman Jerome Powell this fall, Treasury Secretary Scott Bessent told CNBC on Thursday, adding that officials had "a lot of good candidates."
Treasury Sec. Bessent on potential to serve as next Federal Reserve chair
U.S Treasury Secretary Scott Bessent joins 'Squawk on the Street' for a sweeping interview on President Trump's budget bill, tariff policy, and whether he'd consider serving as Federal Reserve Chair.
Treasury Secretary Bessent tiptoes around Trump's plans for new Fed chair
With more and more pressure being added on Federal Reserve Chairman Jerome Powell to leave his post, President Donald Trump's Treasury secretary revealed what may be next for the soon-to-be-open role.When asked on Thursday whether Powell should resign, Secretary Scott Bessent responded that the administration has been adamant about "trying to get waste, fraud and abuse out of the system.""So, is it healthy for the Fed to get their spending under…
‘That Was Not a No!’ Trump’s Treasury Secretary Doesn’t Close the Door on Also Becoming Fed Chair
Treasury Secretary Scott Bessent was put on the spot Thursday when he didn’t definitively rule out becoming the next chair of the Federal Reserve. Bessent on Thursday joined CNBC Money Movers for a wide-ranging discussion. When the topic got to President Donald Trump’s ongoing feud with current Fed Chair Jerome Powell, host Sara Eisen brought up speculation that Bessent was a candidate to succeed him. She asked the secretary if it would even be …
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