Scott Bessent open to replacing Powell as Fed chairman

Treasury Secretary Scott Bessent on Monday suggested he would be open to replacing Federal Reserve Chairman Jerome Powell as President Donald Trump renews his criticism of the central banker.

“I will do what the President wants,” he told Bloomberg News. A relative unknown before assuming his current role, Bessent has emerged as a heavyweight in the Trump Cabinet, helping to steer the American economy through the fluctuations over the "Liberation Day" tariffs and to close key trade deals with major foreign partners.

Talk of replacing Powell comes as Trump continues to demand interest rate cuts and chastise Powell for his hesitance to implement them, despite low inflation and strong jobs numbers.

Trump's authority to fire Powell remains the subject of debate, though his term will come to an end in January of 2028, while Trump remains in office.