Staff Reporter
U.S. Treasury Secretary Scott Bessent announced on Monday that the White House plans to start interviewing candidates this fall to replace Federal Reserve Chair Jerome Powell, whose term concludes in May 2026.
Speaking to Bloomberg TV during a trip to Argentina, Bessent noted that this timeline would give the Trump administration about six months to prepare before Powell’s departure. He did not provide additional details.
President Donald Trump has consistently urged the Fed to lower interest rates, recently posting on Truth Social: “CUT INTEREST RATES, JEROME, AND STOP PLAYING POLITICS!”
Bessent expressed confidence that Trump would not oust Powell or undermine the Fed’s independence. However, he emphasized the need for more dialogue regarding the Fed’s regulatory role.
“I’ve said before that the Fed has two main responsibilities: monetary policy, which is crucial, and regulatory policies. We should discuss this further, as the Fed is one of three bank regulators, alongside the Comptroller of the Currency and the FDIC,” he stated.
Bessent mentioned he meets with Powell weekly to cover a variety of topics. When asked about potential contingency plans for financial stability risks, he responded, “Did we discuss some sort of emergency plan? I think we’re quite far from that.”
He noted that he last met with Powell last week at the Federal Reserve and did not hear any specific concerns regarding recent developments in the bond markets. “Everything seems to be business as usual,” he added.
