Treasury Secretary Scott Bessent on Monday mentioned the White Home will begin interviewing candidates this fall to succeed Federal Reserve Chair Jerome Powell, whose time period ends in Could 2026.
Bessent, talking with Bloomberg TV throughout a go to to Argentina, mentioned that would give the Trump administration about six months lead time earlier than Powell leaves workplace. He gave no additional particulars.
President Trump has pressed the Fed repeatedly to decrease rates of interest, posting on Reality Social on April 4: “CUT INTEREST RATES, JEROME, AND STOP PLAYING POLITICS!”
Bessent mentioned he was not involved about Trump ousting Powell or difficult the independence of the Fed. However he mentioned he did see room for extra dialogue on the Fed’s function as a financial institution regulator.
“I’ve repeatedly said the Fed has two duties, and I believe that monetary policy is a jewel box that’s got to be preserved. And then they have regulatory policies. And I think we can have more of a discussion, because the Fed is one among three bank regulators. There’s the Fed, Comptroller of the Currency and the FDIC. So I think it’s very easy to delineate between the two,” he mentioned.
Bessent mentioned he had breakfast with Powell each week they usually mentioned a variety of issues. Requested if he had mentioned contingency plans with Powell if monetary stability dangers flared, Bessent mentioned, “Specifically, did we discuss some kind of break the glass? I think we’re a long way from that.”
He mentioned he final noticed Powell final week throughout a go to to the Federal Reserve, and didn’t hear specific considerations about latest developments in bond markets. “It seems like business as usual,” he added.
