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.

The Treasury secretary also stated his preference that Powell step down from the Fed entirely when his term ends. “Traditionally, the Fed chair also steps down as a governor."

U.S. Treasury Secretary Scott Bessent, in an interview on Bloomberg Surveillance on Tuesday, said that a "formal process" is already starting to identify a potential successor to Federal Reserve Chairman Jerome Powell.

Bill Pulte, the current head of the Federal Housing Finance Authority that runs mortgage giants Fannie Mae and Freddie Mac, has lately surfaced as a possible pick alongside Kevin Warsh and Kevin

WASHINGTON] US Treasury Secretary Scott Bessent suggested that Federal Reserve chair Jerome Powell should step down from the central bank’s board when his term as chair is up in May 2026. Read more at The Business Times.

President Donald Trump said on Tuesday that Treasury Secretary Scott Bessent could be a candidate to replace Federal Reserve Chairman Jerome Powell, but suggested that might not happen.

Treasury Department Secretary Scott Bessent on Tuesday said the process to pick a new chair of the Federal Reserve has started, ahead of Chair Jerome Powell’s term ending in 2026 and amid growing

Treasury Secretary Scott Bessent, in an interview on Bloomberg Television, said he hasn't looked at the CPI number that's about to be released -- he is entitled to early access --but said not to read too much into one month's number.

However, Powell’s term as Fed governor is till January 2028, allowing him to legally be a part of monetary policy decisions at the central bank. In previous media interactions, though, Powell has refused to comment on his intentions to stay governor.