Treasury Secretary Scott Bessent said he is not pursuing the Federal Reserve chair post and, in an interview, floated President Donald Trump as a potential candidate, praising his understanding of monetary policy. The comment drew laughter but underscored Trump’s long-standing interest in interest-rate policy and his public criticism of Fed Chair Jerome Powell. Powell’s current term runs through May 2026; the administration has begun interviewing candidates and hopes to name a successor before Christmas.
Treasury Secretary Suggests Trump as Fed Chair, Praises His Grasp of Monetary Policy
Treasury Secretary Scott Bessent on Tuesday said he would not pursue the Federal Reserve chairmanship — and, half-jokingly, suggested President Donald Trump as a possible candidate for the role.
“I think President Trump would make a great Fed chair. He has an open mind. He understands monetary policy better than a lot of people,” Bessent, a former hedge fund manager, told Bret Baier in an interview.
Although the presidency outranks the Fed chair in government hierarchy, Bessent framed the comment as a compliment to Mr. Trump’s interest in and understanding of monetary policy. Trump has repeatedly criticized current Fed Chair Jerome Powell for not moving sooner to cut interest rates.
Trump, who built his career in real estate, argues that lower interest rates would spur economic activity — particularly in housing — while the Federal Reserve has been cautious about easing policy amid lingering inflation. According to the timeline discussed, the first rate cut of Trump's second term took place in September, followed by another in October.
On Tuesday the president renewed his criticism of Powell, whom he appointed chair in 2017:
“I’d love to get the guy currently in there out right now but people are holding me back. He’s a fool. He’s a stupid man.”
Powell’s current term runs through May 2026. Bessent, who is leading the administration’s search for a successor, said the candidate pool has narrowed to several prominent names: current Fed Governors Christopher Waller and Michelle Bowman; former Fed Governor Kevin Warsh; National Economic Council Director Kevin Hassett; and BlackRock executive Rick Rieder.
Asked about the timeline, Bessent said he hopes the president will announce a choice “before Christmas.” Trump added that interviews have begun and suggested he already has a preferred candidate, noting that Bessent had declined the post.
The exchange highlighted the unusual prospect of a president being floated as a potential Fed chair and underscored the administration’s active search for Powell’s eventual successor.
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