U.S. Treasury Secretary Scott Bisent stated that he wishes to remain in his current position after a report emerged suggesting he is a candidate to succeed the Federal Reserve Chair.
When asked about the role he prefers, Bisent told the House Financial Services Committee that he holds one of the best positions in Washington, emphasizing that he is "happy to do what President (Donald) Trump wants me to do," and added: "I believe we are making great progress in the Treasury Department."
Bisent clarified: "I would like to stay in my position until 2029," referring to the period until the end of Trump's second presidency.
Bisent's remarks came after a report published by Bloomberg News this month stating that his nomination to head the central bank is being considered.
The slowdown in U.S. inflation strengthens expectations for the Fed to cut interest rates by September.
The White House denies Bisent's nomination to succeed Powell as Federal Reserve Chair.
The report added that among other potential candidates is former Federal Reserve official Kevin Warsh.
Reports mentioned that Trump intends to appoint a successor to Federal Reserve Chair Jerome Powell very soon, as Powell's term ends in May 2026.
Trump has pressured Powell to lower interest rates in recent months, accusing him of delaying in doing so to boost economic growth.
Powell's successor, who must be confirmed by the U.S. Senate, will need to demonstrate that the independence of the Federal Reserve remains intact despite political pressures.
The Federal Reserve Chair, whom Trump first nominated to lead the central bank in 2017, defended the bank's independence regarding interest rates.
