President Donald Trump confirmed Tuesday that Treasury Secretary Scott Bessent is no longer in the running to replace Jerome Powell as Federal Reserve Chair. “He wants to stay where he is,” Trump told CNBC, adding that Bessent is assisting in the selection process.
Trump said he is now considering former Fed governor Kevin Warsh, White House economist Kevin Hassett, and two unnamed candidates for the role. Trump has repeatedly blasted Powell for keeping interest rates high, calling him “a numbskull” and “too late.”
Last week, the Fed held rates steady despite dissent from two board members who favored a cut. Trump has pushed for lower rates to help middle-class borrowers ahead of the 2026 midterms.
.@POTUS on @SecScottBessent: "I love Scott, but he wants to stay where he is... He likes being Treasury Secretary. He's doing a really good job. We made the greatest trade deals in the history of our country. We had to because we were being ripped off by the world." pic.twitter.com/BL77rCa1fu
— Rapid Response 47 (@RapidResponse47) August 5, 2025
With Fed Governor Adriana Kugler’s recent resignation, Trump is set to fill a key opening. He suggested this interim appointee could later become his pick for Fed Chair when Powell’s term ends in 2026.
Bessent, meanwhile, continues leading critical trade talks with China.
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