Federal Reserve Chair Succession Speculation
Treasury Secretary Scott Bessent is not seeking to succeed Jerome Powell as Fed chair, preferring to remain in his current role. The administration is considering other candidates aligned with their views. Trump has been critical of Powell's leadership.
Key Points
- Bessent is not interested in the role of Fed chair and prefers to stay as Treasury Secretary.
- Administration considering current Federal Reserve Governors Waller and Bowman as potential successors.
- Trump has been critical of Powell's leadership, calling him 'Mr. Too Late' and a 'numbskull'.
Pros
- Bessent believes his current role as Treasury Secretary is where he can be most effective.
Cons
- Nominating a sitting Treasury Secretary as Fed chair could draw criticism for compromising the central bank's independence.