The secretary of the Treasury, Scott Besent, said on Monday that the White House will begin to interview the candidates this fall to happen to the president of the Federal Reserve, Jerome Powell, whose term ends in May 2026.
Besent, speaking with the duration of Bloomberg TV a visit to Argentina, said that would give the Trump administration about six months of time before Powell leaves the office. There are no more details.
President Trump has pressed the Fed repeatedly to reduce interest rates, publishing in Truth Social on April 4: “Cut interest rates, Jerome, and stop playing politics!”
Besent said he was not worried that Trump overthrow Powell or challenge the independence of the Fed. But he said he did see space for more discussion about the role of the Fed as a bank regulator.
“I have repeatedly said that the Fed has two duties, and I think that monetary policy is a jeweler that must be preserved. And then they have regulatory policies. And I think we can have more discussion, because the Fed is one of the three bank regulators. There is the Fed, the contracting of the currency and the Fdic.
Besent said he had breakfast with Powell every week and discussed a wide range of things. When asked if he had discussed contingency plans with Powell if the risks of financial stability exploded, Berry said: “Specifically, we discuss any child or do we break the glass? I think we are very far from that.”
He said that for the last time he saw Powell last week a visit to the Federal Reserve, and did not listen to Conns partular about recent developments in the bond markets. “It seems that business as always,” he added.