The Trump administration has confirmed rumors that efforts to find Federal Reserve Chairman Jerome Powell’s replacement are in full swing.
Treasury Secretary Scott Bessent revealed during an interview with CNBC on Thursday that President Donald Trump is fully engaged in finding Powell’s replacement amid the passage of his massive spending bill.
Bessent told CNBC, “We will start working on that in the fall. We’ve been busy. The president’s been doing peace deals, trade deals, tax deals, and we are landing the plane on all of those. So we’re going to have more bandwidth after Labor Day.”
This confirms suspicions that the Trump administration was poised to start the process of finding Powell’s replacement far ahead of the end of Powell’s term.
Typically, the replacement search is conducted about three months prior to the end of a term, but Trump could announce Powell’s replacement in the fall to undermine him early by causing market reactions to the naming of his successor.
Powell heading out
Powell and Trump have been locking horns for months over Powell’s refusal to lower the stifling interest rates that are inhibiting economic growth and holding back Trump’s vision for the country.
Bessent confirmed that Trump already has a list of suitable replacements for Powell that won’t wield the power of the Federal Reserve to frustrate the president’s agenda. Powell is defending the old system, and Trump is determined to tear it down.
Bessent claimed that the Federal Reserve has been too slow in responding to the positive economic changes resulting from Trump’s economic policies.
Worse, the Federal Reserve has been completely wrong about the impact of Trump’s tariffs, in particular. Powell claimed that the tariffs would exponentially increase inflation, a prediction that was hilariously wrong.
It’s become clear that the sitting Federal Reserve chair is determined to stop Trump for political reasons and does not have the interest of the American people in mind.
Powell’s replacement won’t just be an individual who is loyal to Trump, but more importantly, will be someone who isn’t going to sacrifice the American people’s well-being to accomplish political goals.
Bessent for chair
One of the most prominent names to replace Powell is Bessent himself. Bessent claimed that he is “very happy” serving as Treasury Secretary but declined to rule out the possibility of serving as Powell’s replacement.
Bessent is a former hedge fund manager who has been a vocal critic of Powell and other Fed policymakers for years. Back in 2022, Bessent blasted Powell for failing to properly address inflation and for being too cautious.
As for Trump, he has never been shy about his disapproval for Powell, stating in one Truth Social post, “Jerome ‘Too Late’ Powell, and his entire Board, should be ashamed of themselves for allowing this to happen to the United States. They have one of the easiest, yet most prestigious, jobs in America, and they have failed — And continue to do so.”
Bessent is already doing great work as Trump’s Treasury secretary, so while there is a lot of time until an official announcement, the market is high on Bessent until further information emerges.
Click this link for the original source of this article.
Author: Robert Anthony
This content is courtesy of, and owned and copyrighted by, https://www.conservativejournalreview.com and its author. This content is made available by use of the public RSS feed offered by the host site and is used for educational purposes only. If you are the author or represent the host site and would like this content removed now and in the future, please contact USSANews.com using the email address in the Contact page found in the website menu.
