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Trump Confirms Bessent "Does Not Want" Fed Chair Position
(MENAFN) US President Donald Trump stated on Tuesday that Treasury Secretary Scott Bessent "does not want" to become the next chairman of the Federal Reserve, while acknowledging that four other candidates are being evaluated for the role.
Trump explained that Bessent "wants to remain where he is," but he refrained from naming those being considered to succeed Federal Reserve Chairman Jerome Powell.
“I asked him just last night, 'Is this something you want?' 'Nope, I want to stay where I am.' 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 his conversation with Bessent during an interview with a news agency.
According to the news agency, former Federal Reserve Governor Kevin Warsh, Kevin Hassett—Trump's National Economic Council director—and Fed Governor Christopher Waller are believed to be among the contenders to replace Powell.
Powell has drawn criticism from Trump after refusing to comply with the president's demand to cut interest rates, due to concerns that doing so could significantly impact inflation.
Powell’s current term as chairman is set to expire in May 2026.
He was originally appointed to the position by Trump in 2017 and was later nominated for a second term by former President Joe Biden.
Trump explained that Bessent "wants to remain where he is," but he refrained from naming those being considered to succeed Federal Reserve Chairman Jerome Powell.
“I asked him just last night, 'Is this something you want?' 'Nope, I want to stay where I am.' 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 his conversation with Bessent during an interview with a news agency.
According to the news agency, former Federal Reserve Governor Kevin Warsh, Kevin Hassett—Trump's National Economic Council director—and Fed Governor Christopher Waller are believed to be among the contenders to replace Powell.
Powell has drawn criticism from Trump after refusing to comply with the president's demand to cut interest rates, due to concerns that doing so could significantly impact inflation.
Powell’s current term as chairman is set to expire in May 2026.
He was originally appointed to the position by Trump in 2017 and was later nominated for a second term by former President Joe Biden.
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