According to a report by Bloomberg on June 10th, US Treasury Secretary Scott Bessent has emerged as a potential candidate to succeed Federal Reserve Chair Jerome Powell.
Powell’s term is set to end in May 2026. Bessent is known for his significant contributions to President Trump’s international trade overhaul and his advocacy for tax and regulatory reforms. In response to a request for comment, Bessent stated, “I have the best job in Washington. The president will decide who’s best for the economy and the American people”.
However, the White House has denied that Bessent is being considered as a candidate for the next chairperson of the Federal Reserve.
Other potential candidates reportedly include former Federal Reserve Governor Kevin Warsh, who was previously considered by Trump for the role of Treasury Secretary. Trump interviewed Warsh for the position of Treasury Secretary in November last year.
Since the start of his second term, Trump has publicly pressured the current Federal Reserve Chair Powell on multiple occasions, demanding that the Fed cut interest rates. Trump has frequently criticized Powell for not acting quickly enough, calling him “Too Late” Powell.
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