US EditionBessent: ‘Formal process’ underway to pick Powell successor
UNITED STATES, JUL 16 – U.S. Treasury Secretary Scott Bessent confirmed a formal process to select a successor as criticism grows over Powell's monetary policy and a $2.5 billion Fed renovation project.
- Treasury Secretary Scott Bessent confirmed on Tuesday that a formal process is underway to select Jerome Powell's successor as Fed chair when Powell's term ends in May 2026.
- This process follows Powell's scheduled term end and arises amid market uncertainty and political tension over the Fed's renovation project and Powell's leadership.
- Bessent highlighted tradition that the Fed chair also steps down as governor to avoid market confusion, while Trump acknowledged Bessent as a potential candidate but said he is not the top choice.
- Financial markets reacted to Bessent's remarks with a spike in two-year Treasury yields to 3.93%, reflecting sensitivity to Fed leadership clarity amid inflation rising 0.3% in June.
- Clear succession planning aims to reduce ambiguity, support policy stability, and reinforce the Fed's independence during a critical period for inflation and rate decisions.
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Who is Scott Bessent? US Treasury Secretary to replace Fed Chair Jerome Powell? Here's what Donald Trump said about him
Scott Bessent, before assuming his role as the Treasury Secretary, spent his career in finance, working for macro investment billionaire George Soros and noted short seller Jim Chanos, as well as running his own hedge fund.
·New Delhi, India
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Colorado Springs GazetteReposted by 
Denver Gazette
Denver GazetteTrump: Bessent an option to replace Fed chair, 'but I like the job he's doing'
By Andrea Shalal and Jasper Ward
·Colorado Springs, United States
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Bessent: ‘Formal process’ underway to pick Powell successor
Treasury Department Secretary Scott Bessent on Tuesday said the process to pick a new chair of the Federal Reserve has started, ahead of Chair Jerome Powell’s term ending in 2026 and amid growing pressure from the White House for him to step aside early.
·Washington, United States
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Total News Sources28
Leaning Left4Leaning Right5Center7Last UpdatedBias Distribution44% Center
Bias Distribution
- 44% of the sources are Center
44% Center
L 25%
C 44%
R 31%
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