US EditionScott Bessent backs Jerome Powell: 'There's nothing that tells me he should step down right now’
DISTRICT OF COLUMBIA, UNITED STATES, JUL 22 – Treasury Secretary Scott Bessent backs Fed Chair Powell amid criticism over a $2.5 billion renovation and high interest rates, urging an internal review of the Fed's non-monetary activities.
- U.S. Treasury Secretary Scott Bessent stated on Tuesday that Federal Reserve Chairman Jerome Powell is not required to resign immediately, despite his earlier call for a comprehensive review of the Fed's operations.
- Bessent called for a comprehensive internal review of the Fed's non-monetary activities due to concerns about persistent mandate creep beyond its core mission.
- Amid escalating tension with President Trump, who criticized Powell over steady high interest rates and a $2.5 billion Fed building renovation, Bessent emphasized Powell has been a good public servant.
- Bessent expressed that there is no indication Powell needs to resign at this time, though he acknowledged the Fed chair could choose to leave early if he wishes. He emphasized the importance of maintaining the Federal Reserve's independence and responsibility.
- Powell's term as Fed chair ends in May 2026, and Bessent’s call for review suggests possible reforms but affirms the Fed's autonomy remains key to US economic stability.
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24 Articles
Denver Gazette
UpstractTrump administration not in a rush to replace Powell, Treasury chief Bessent says
WASHINGTON (Reuters) -U.S. Treasury Secretary Scott Bessent said on Wednesday that the Trump administration was not in a rush to nominate a new Federal Reserve Chair to replace Jerome Powell.
US Treasury chief: No need for Fed's Powell to step down right now
There is no need for U.S. Federal Reserve Chair Jerome Powell to immediately step down, Treasury Secretary Scott Bessent said on Tuesday, adding that the Fed chief's legacy should be to right-size the central bank's non-monetary policy functions.
Treasury Secretary Scott Bessent offered support to Jerome Powell in the midst of regular attacks by Trump administration officials, saying he sees no reason for the president of the Federal Reserve to resign. “There’s nothing to tell me that I should resign right now,” Bessent said about the director of the US central bank, in statements to Fox Business Tuesday. “His term ends in May. If he wants it fulfilled, I think he should. If he wants to …
Scott Bessent backs Jerome Powell: 'There's nothing that tells me he should step down right now’
Amid tensions with the White House, Treasury Secretary Scott Bessent backed Fed Chair Jerome Powell, saying there's no need for him to step down before his term ends in May. However, Bessent suggested Powell has a chance to cement his legacy by reforming the Fed’s non-monetary functions.
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