Bessent confirms start of 'formal process' to find replacement for Fed chair

Treasury Secretary Scott Bessent confirmed on Tuesday that the administration was formally vetting a replacement for Federal Reserve Chairman Jerome Powell amid reports that he was mulling his resignation.

"There’s a formal process that’s already starting... There are a lot of good candidates inside and outside the Federal Reserve," he said on Bloomberg Television.

Bessent himself has emerged as a possible contender for the role, alongside National Economics Council Director Kevin Hassett. Thus far, however, Powell has not indicated his plans.

Lawmakers and administration heavyweights, for their parts, have ramped up the pressure on him to leave. GOP Rep. Abe Hamadeh, Ariz., on Monday called for his resignation, following Fannie Mae/Freddie Mac Chairman William Pulte.