Bloomberg reports that Treasury Secretary Scott Bessent is being considered among potential successors to Federal Reserve Chair Jerome Powell. Powell’s current term ends in May 2026. However, senior government officials have denied that Bessent is formally under consideration, and sources note that no official interview process has yet begun.
As Treasury Secretary, Bessent has championed a strategy focused on reviving the U.S. economy through reforms in trade, taxation, and regulation. In response to the speculation, Bessent stated, “I already have the best job in Washington. The President will decide who is best suited for the economy and the American people.”
Former Fed official Kevin Warsh is also reportedly among the few other names being considered. Warsh was previously interviewed by President Trump in 2023 for the Treasury Secretary role.
Since beginning his second term, Trump has repeatedly criticized Powell, urging rate cuts and accusing him of being “too slow and too wrong.” Trump has openly said, “The sooner he’s out, the better.”
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