Bessent among candidates to succeed Powell as Fed Chair: Trump

US President Donald Trump and Treasury Secretary Scott Bessent

US President Donald Trump said that Treasury Secretary Scott Bessent is among the potential candidates to replace Jerome Powell as Federal Reserve Chairman, but suggested that might not happen.

When asked by reporters whether Bessent was his top pick to succeed Powell, Trump responded: “He's an option, and he's very good… I like the job he's doing.”

The remarks come amid growing speculation over a possible early dismissal of Powell before the end of his term in May 2026, particularly following criticism from the administration over a costly Federal Reserve headquarters renovation project that exceeded budget estimates.

Trump has repeatedly criticized Powell for taking a wait-and-see approach rather than moving swiftly to cut interest rates.

Other names floated as potential successors to Powell include former Fed governor Kevin Warsh and Kevin Hassett, Trump’s top economic adviser.