Federal Reserve Chairman Powell speaks at a press conference after the Federal Open Market Committee meeting in Washington on November 7, 2024.
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Hedge fund magnate Scott Bessent, President-elect Donald Trump’s nominee for Treasury secretary, said Federal Reserve Chairman Jerome Powell can serve out his term leading the U.S. central bank, despite previous suggestions he might be forced to step down.
“As the president said on Sunday, and I completely agree with him, Jay Powell will serve out his term,” Bessant told CNBC after meeting with Idaho Sen. Mike Crapo on Tuesday.
Bessant’s comments come amid growing speculation about Powell’s fate following Trump’s victory in the presidential race last month. Despite Trump’s tense relationship with Powell, the incoming president told NBC News over the weekend that he Probably not Attempt to remove the Fed Chairman.
Trump told NBC News that Powell could step down if “informed,” but not if “asked.” However, the president-elect said he has no current plans to do so.
Bessent’s announcement marks a shift for the Key Square Group founder, who has previously “Shadow” chair Manage the Federal Reserve.
Powell’s term as chairman will end in May 2026. reappointment He will be re-elected for another four-year term in 2022.
Powell said he did not believe Trump could legally remove him from office and would not resign if asked.
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