Treasury Secretary Scott Bessent said Tuesday that a “formal process” to find a successor for Federal Reserve Chair Jerome Powell has already started — as the Trump administration ratchets up pressure for the top central banker to step aside before his term ends.
“There are a lot of great candidates and we’ll see how rapidly it progresses. It’s President Trump’s decision and it will move at his speed,” Bessent told Bloomberg TV on Tuesday.
Bessent, who is reportedly on the short list of possible replacements along with former Fed governor Kevin Warsh and National Economic Council director Kevin Hassett, shot down the prospect of creating a “shadow” Fed chair before Powell’s term expires next May.
Treasury Secretary Scott Bessent said a “formal process” to find a successor for Fed Chair Jerome Powell has already started. Bloomberg Surveillance
“There’s been a lot of talk of a shadow Fed chair causing confusion