Trump Removes Big Name from Federal Reserve Chair Short List
President Donald Trump has ruled out Treasury Secretary Scott Bessent as a candidate to replace Federal Reserve Chair Jerome Powell. Although Trump has criticized Powell for not lowering interest rates and called for his resignation, Powell reportedly intends to complete his term ending in May 2026.Trump stated that Bessent prefers to remain Treasury Secretary and is not interested in the Fed Chair position. Allies of Trump have suggested the idea of appointing a “shadow Fed chair” before Powell’s term ends.Trump also mentioned he might remove powell once his term expires but is hesitant to do so earlier due to concerns about market disruption.
President Donald Trump on Tuesday ruled out Treasury Secretary Scott Bessent as a potential choice to replace Federal Reserve Chair Jerome Powell.
Despite pressure from Trump, Powell has reportedly informed some close allies and associates that he intends to serve out the rest of his term, which ends in May 2026. Trump said on “Squawk Box” that Bessent was not under consideration to replace Powell because he would prefer to remain in his current role heading the Treasury Department.
“Well, I love Scott, but he wants to stay where he is,” Trump said. “I will — I’ll take him off the … because I asked him just last night, ‘Is this something you want?’ ‘Nope. I want to stay where I am.’ He actually said, ‘I want to work with you. It’s such an honor.’ I said, ‘That’s very nice. I appreciate that.’”
“But no, Scott wants to do what he’s doing. He’s doing a great job, and he wants to do what he’s doing,” he continued. “So I — just take him off. He does not want it. He likes being Treasury secretary. He’s doing a really good job.”
Trump has publicly criticized Powell for not lowering interest rates during his presidency. The president has also repeatedly called for the Fed chairman’s resignation based on the Fed’s refusal to cut rates.
Allies of the president have also floated the idea of naming a “shadow Fed chair” before Powell’s term is over, Axios reported on Friday.
Trump asserted on “Finnerty” on Friday that he would probably not remove Powell from his role as it could rattle the market.
“They say it would disturb the market,” Trump said. “I would remove him in a heartbeat, but they say it would disturb the market. He gets out in seven or eight months, and I’ll put somebody else in.”
All content created by the Daily Caller News Foundation, an independent and nonpartisan newswire service, is available without charge to any legitimate news publisher that can provide a large audience. All republished articles must include our logo, our reporter’s byline and their DCNF affiliation. For any questions about our guidelines or partnering with us, please contact [email protected].
Advertise with The Western Journal and reach millions of highly engaged readers, while supporting our work. Advertise Today.
" Conservative News Daily does not always share or support the views and opinions expressed here; they are just those of the writer."
*As an Amazon Associate I earn from qualifying purchases
