Treasury Secretary Scott Bessent says he will accept the job if President Trump asks him to become the next chair of the Federal Reserve.
Bessent—one of several people who have been floated as possible replacements for current Chair Jerome Powell—told Bloomberg News that he “will do what the president wants” when it comes to the position at the Fed.
He was also quick to add that he is happy in his current position as treasury secretary, The Hill reported.
Trump has sought to replace incumbent Powell since March over his refusal to lower interest rates to alleviate the effects of the president’s tariffs.
The Supreme Court, however, has ruled that Trump does not have the authority to fire Powell and will have to wait until the end of his term in May 2026 to replace him.
White House National Economic Council Director Kevin Hassett, former Fed Governor Kevin Warsh, Fed Governor Christopher Waller, and Fed Vice Chair of Supervision Michelle Bowman are also said to be in the running for the job.
Trump’s latest attack on Powell came in mid-June when the president said the Federal Reserve chair was “the WORST” and “a real dummy who’s costing America $Billions” in a Truth Social post.
Trump soon went after Powell again, slamming the Fed chair as “truly one of the dumbest, and most destructive, people in Government” and said that “the Fed Board is complicit.”
“Europe has had 10 cuts, we have had none. We should be 2.5 Points lower, and save $BILLIONS on all of Biden’s Short Term Debt,” Trump added. “We have LOW inflation! TOO LATE’s an American Disgrace!”
The Federal Reserve has held interest rate levels steady at between 4.25 percent and 4.5 percent while it waits to find out which part of the value chain—manufacturers, exporters, importers, or retailers—will be hardest hit by the president’s tariffs.
Trump appointed Powell to the position during his first term in 2017, but has spent the following years criticizing and publicly berating his nominee, primarily over interest rates and his perceived political bias.
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