Trump Administration Eyes Successor to Fed Chair Powell, Bessent Among Contenders
Jerome Powell’s tenure at the helm of the Federal Reserve may soon be drawing to a close, as the Trump administration begins narrowing its search for a new central bank chief.
Treasury Secretary Scott Bessent confirmed in a recent interview that efforts are underway to identify Powell’s replacement ahead of his term’s expiration in May 2026.
While Bessent’s name has surfaced as a frontrunner for the position, he downplayed the speculation, saying he’s focused on his current role and remains committed to delivering Trump’s legislative priorities, including finalizing the new tax bill and trade deals. Still, Bessent acknowledged he would accept the Fed Chair nomination if the President insisted.
“I’ll do whatever the President decides, but I love the job I have,” Bessent stated.
The administration is expected to make its choice public by October. In addition to Bessent, other leading candidates include Kevin Hassett, Christopher Waller, and Kevin Warsh.
Meanwhile, Powell faces intensifying political pressure over interest rate policy. Bessent joined the chorus calling for rate cuts, citing stable inflation data and limited impact from tariffs. President Trump has been especially vocal, urging a full percentage-point reduction and recently sending Powell a handwritten note criticizing the Fed’s inaction.
Market watchers are increasingly expecting a shift in July, especially after Fed Governor Christopher Waller hinted that a rate cut could arrive as early as next month.
Alexander Stefanov
Reporter at Coindoo
Alex is an experienced financial journalist and cryptocurrency enthusiast. With over 8 years of experience covering the crypto, blockchain, and fintech industries, he is well-versed in the complex and ever-evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His approach allows him to break down complex ideas into accessible and in-depth content. Follow his publications to stay up to date with the most important trends and topics.
