Treasury Secretary Scott Bessent says the Trump administration plans to begin working on a replacement for Federal Reserve Chair Jerome Powell this fall.
Bessent said in an interview with CNBC that Trump administration officials have plenty of “good candidates” in mind. Powell’s current term ends in early 2026. Bessent also criticized the Fed for keeping rates high and waiting too long to cut, calling the current policy a mistake.
Bessent has not ruled out taking the job himself, though he said he’s happy at the Treasury Department. Speculation about Powell’s future has grown as Trump continues to pressure the central bank to lower interest rates, accusing Powell of failing the economy.
