Trump Administration Searches for Powell's Successor

The Trump administration is actively seeking a replacement for Federal Reserve Chairman Jerome Powell this fall. Treasury Secretary Scott Bessent revealed potential candidates are being considered. Though Bessent didn't rule out managing both Treasury and the Fed simultaneously, such a dual role hasn't been seen since the 1930s.


Devdiscourse News Desk | Washington DC | Updated: 03-07-2025 21:54 IST | Created: 03-07-2025 21:54 IST
Trump Administration Searches for Powell's Successor
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In a move that could reshape U.S. economic policy, the Trump administration is prioritizing the search for a new Federal Reserve Chairman this fall, as confirmed by Treasury Secretary Scott Bessent during an interview with CNBC on Thursday.

Bessent acknowledged the pool of strong candidates for the role and highlighted the Federal Reserve's independent control over interest rate decisions. However, he cautioned against delays in rate cuts, suggesting that any reduction in September could be more significant if postponed.

Discussing the possibility of one individual leading both the Treasury and the Fed, Bessent referenced the rarity of such an arrangement, unseen since the 1930s, yet did not dismiss the concept entirely. He himself is rumored to be a contender for the Fed position.

(With inputs from agencies.)

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