In a recent interview with Bloomberg Television, U.S. Treasury Secretary Scott Bessent stated that the process to select a potential successor to Federal Reserve Chair Jerome Powell is officially underway. Bessent emphasized that there are “a lot of great candidates” for the role, signaling that the search will include individuals both within and outside of the Federal Reserve system. “We’ll see how rapidly it progresses,” Bessent added, indicating that the process may move quickly.
Powell’s current term as the head of the U.S. central bank is set to end in May 2026. However, speculation surrounding his future has grown, particularly in the wake of ongoing political pressures and legal scrutiny.
The focus on Powell’s possible replacement follows repeated calls from President Donald Trump, who has urged Powell to resign due to his monetary policy decisions. Trump has expressed dissatisfaction with Powell’s handling of interest rates, which he believes are too high and detrimental to economic growth.
