Treasury Secretary Scott Bessent confirmed Monday that he would be open to replacing Federal Reserve Chairman Jerome Powell, as speculation swirls about who President Donald Trump will tap to fill the powerful position.
“I will do what the president wants,” Bessent said during an interview with Bloomberg News.
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Trump could nominate Powell’s successor as soon as this fall, as the incumbent Fed chairman, who has long been at odds with Trump over whether to lower interest rates, is set to exit the position next May.
Bessent is just one of many being considered a possible replacement. Others include current Fed Board of Governors member Christopher Waller, Fed Vice Chairwoman of Supervision Michelle Bowman, White House National Economic Council Director Kevin Hassett, former Fed Board of Governors member Kevin Warsh, and former World Bank President David Malpass.
Trump said Sunday that he had three names in mind, although he declined to give details.
“They’ll all be good,” he said, adding that Warsh “is very talented, but I don’t know that it’s going to be him.”
Trump’s comments indicated he may have slightly narrowed the search after he said last Wednesday that he knew “within three or four people who all I’m going to pick.”
Whoever Trump taps will likely share his view on interest rates. Powell has spurned pressure to cut rates, which Trump has said will stimulate the economy.
On Monday, Trump shared with the world a handwritten note to Powell urging him to cut rates.
POWELL DISMISSES JULY RATE CUT, HEIGHTENING TENSION WITH FED BOARD AND TRUMP
“Jerome — You are, as usual, ‘too late.’ You have cost the USA A fortune – and continue to do so – you should lower the rate — by a lot!” Trump said in a Sharpie message to the Fed chairman shared on Truth Social.
“Hundreds of billions of dollars are being lost! No inflation,” Trump added in the note, which was written on a chart showing the United States with higher interest rates than 34 other countries.