<h2 class="topline-heading">Topline</h2><p>Treasury Secretary Scott Bessent told Bloomberg on Tuesday a “formal process” has been launched to find Federal Reserve Chair Jerome Powell’s successor, following months of pressure from President Donald Trump to have Powell step down from his role at the agency. </p><figure class="embed-base image-embed embed-0" role="presentation"><div class="image-embed__placeholder"><img src="https://specials-images.forbesimg.com/imageserve/687648d0b76eccf6abf36bf6/Federal-Reserve-Chair-Jerome-Powell-Holds-His-News-Conference-After-The-Federal-Open/960x0.jpg?cropX1=0&amp;cropX2=3014&amp;cropY1=30&amp;cropY2=1725" alt="Federal Reserve Chair Jerome Powell Holds His News Conference After The Federal Open Market Committee Meeting" width="100%" height="auto"></div><figcaption><fbs-accordion><p class="color-body light-text" role="button">President Donald Trump has campaigned for Powell to step down from his role at the Fed.</p></fbs-accordion><small>Getty Images</small></figcaption></figure>

<div class="key-facts-element"><p>Bessent, in an interview with <a href="https://www.bloomberg.com/news/articles/2025-07-15/bessent-says-formal-process-for-powell-succcessor-has-started" rel="nofollow noopener noreferrer" target="_blank" class="color-link" title="https://www.bloomberg.com/news/articles/2025-07-15/bessent-says-formal-process-for-powell-succcessor-has-started" data-ga-track="ExternalLink:https://www.bloomberg.com/news/articles/2025-07-15/bessent-says-formal-process-for-powell-succcessor-has-started" aria-label="Bloomberg">Bloomberg</a>, said a “formal process” has started to identify Powell’s successor as Fed chair, noting, “There are a lot of good candidates inside and outside the Federal Reserve.”</p></div>

President Donald Trump has called for Powell to step down from his role at the Fed.{ai:summary}<p>Treasury Secretary Scott Bessent announced a "formal process" to find a successor for Federal Reserve Chair Jerome Powell, amid ongoing pressure from President Trump for Powell to resign. Bessent highlighted that there are many strong candidates for the position. </p><p>#politics</p>

Bessent Says ‘Formal Process’ Started For Powell’s Successor

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