Treasury Secretary Scott Bessent revealed Tuesday that a formal process has begun to find a replacement for Federal Reserve Chairman Jerome Powell.
Bessent acknowledged the ongoing search for Powell’s successor while speaking during a Bloomberg Surveillance interview.
“There are a lot of great candidates, and we’ll see how rapidly it progresses,” he stated.
The treasury secretary indicated that retaining Powell beyond his current term would not be logical.
His comments mark the first official confirmation from the Trump administration regarding concrete steps to remove the Fed chairman.
President Trump has escalated his attacks on Powell throughout the past month.
The president has consistently accused the chairman of poor monetary policy management and sluggish responses to economic challenges.
Trump recently suggested he might take direct control of the Federal Reserve himself.
“Maybe I should go to the Fed… Am I allowed to appoint myself at the Fed? I’d do a much better job than these people,” he remarked, per reports.
The president has used harsh language to describe Powell’s performance.
Trump has called him “stupid,” “too late,” and “a numbskull” in various public statements.
Trump has persistently demanded that the Federal Reserve implement a full percentage point rate cut to stimulate economic growth.
These demands have intensified as the administration pushes for more aggressive monetary policy changes.
The president’s criticism reached new heights last week when he declared that Powell “should resign immediately.”
This statement represented the most direct call for the chairman’s departure to date, according to Trending Politics reporting.
Days later, Trump targeted Powell over a $2.5 billion Federal Reserve renovation project.
He criticized the Fed chairman as a “knucklehead” and “stupid guy” regarding the construction costs.
Office Management and Budget Director Russell Vought joined the criticism of the renovation project.
He described it as “too lavish” and compared it to “Versailles on the National Mall.”
Vought discussed what he termed “fundamental mismanagement” at the Fed during a CNBC interview.
His comments focused specifically on the expensive renovation project at the Federal Reserve headquarters.
National Economic Council Director Kevin Hassett, considered a potential Powell replacement, stated that Trump possesses the authority to fire the Fed chairman if sufficient cause exists.
Hassett’s remarks suggested the administration believes it has legal grounds for removal.
The criticism appears orchestrated across multiple administration officials.
Fed candidate Kevin Warsh and Vice President J.D. Vance have both contributed to the coordinated pressure campaign against Powell, per Zerohedge.
Trump continues to press for the one percent rate reduction while his team explores various justifications for Powell’s removal.
Administration officials have indicated the renovation project could serve as grounds for dismissing the chairman.
Many Trump supporters view firing Powell as a strategic decision that would result in lower interest rates and provide economic relief for consumers.
They argue that new leadership could deliver the monetary policy changes the administration seeks. However, some observers express concern about potential market disruptions from such a dramatic leadership change.
The sudden removal of a Fed chairman could create uncertainty in financial markets and among investors.
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Author: Jordyn M.
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