President Donald Trump ruled out Treasury Secretary Scott Bessent as a potential replacement for Federal Reserve Chair Jerome Powell on Tuesday, confirming that Bessent wants to remain in his current role.
Speaking during an appearance on CNBC’s Squawk Box, Trump praised Bessent but said the Treasury secretary had no interest in leading the Fed. “Well, I love Scott, but he wants to stay where he is,” Trump said. “I’ll take him off [the list]… because I asked him just last night, ‘Is this something you want?’ ‘Nope. I want to stay where I am.’”
Bessent, according to Trump, reaffirmed his loyalty during their recent conversation. “He actually said, ‘I want to work with you. It’s such an honor.’ I said, ‘That’s very nice. I appreciate that,’” Trump recounted. “So I just take him off. He does not want it. He likes being Treasury secretary. He’s doing a really good job.”
Trump’s comments come amid ongoing speculation about Powell’s future. Despite the political pressure, the Fed chair has reportedly told close allies that he intends to finish out his term, which expires in May 2026.
Trump has long been critical of Powell’s refusal to lower interest rates during his previous term. He has publicly pushed for Powell to resign and expressed frustration over the Federal Reserve’s tight monetary policy.
In response to Powell’s stance, some of Trump’s advisers have floated unconventional ideas. One proposal, reported by Axios last week, is to name a “shadow Fed chair” — someone who would serve unofficially to signal future policy direction before Powell’s term ends.
While Trump has indicated that he wouldn’t remove Powell before his term is up, he left little doubt about his desire for new leadership at the central bank. “I would remove him in a heartbeat,” Trump said during a separate appearance on Finnerty Friday. “But they say it would disturb the market.”
Powell’s term has roughly seven to eight months remaining, and Trump says he’ll wait until it expires before installing his own choice to lead the Fed. “He gets out in seven or eight months, and I’ll put somebody else in,” Trump added.