President Donald Trump announced Tuesday that Treasury Secretary Scott Bessent is no longer a candidate to succeed Jerome Powell as Federal Reserve Chair.
In a CNBC interview, Trump said he had removed Bessent from consideration after Bessent expressed a desire to remain in his current role. “I love Scott, but he wants to stay where he is,” Trump explained. “I asked him just last night, ‘Is this something you want? Nope, I want to stay where I am.’”
Top White House economist Kevin Hassett confirmed on Monday that Bessent is now helping to lead the administration’s search for the next Fed Chair. The president named Hassett and former Fed governor Kevin Warsh as potential candidates for the position, along with two other individuals he did not identify.
Bessent has also been spearheading critical trade negotiations. He recently traveled to Sweden to meet with Chinese officials to discuss tariff rates ahead of an August 12 deadline.
Separately, Trump addressed the recent vacancy on the Federal Reserve board created by Governor Adriana Kugler’s resignation. He stated he would soon appoint a successor for a four-month term, adding that this appointee could ultimately become his nominee for Fed Chair when Powell’s term expires next year.
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