Succession Plans for the Fed: White House Prepares to Replace Jerome Powell

U.S. Treasury Secretary Scott Bessent announced that the White House will soon begin interviews to replace Federal Reserve Chair Jerome Powell, with the term ending in May 2026. Discussions on the Fed's role as bank regulator were highlighted, emphasizing Powell's independence despite recent rate cut demands by Donald Trump.

The White House is gearing up to interview candidates to succeed Federal Reserve Chair Jerome Powell, according to U.S. Treasury Secretary Scott Bessent. Powell's term concludes in May 2026, and interviews starting in the fall will provide ample time for transition.

During a Bloomberg TV appearance, Bessent indicated that President Donald Trump's administration is keen on having a ready replacement. This comes as Trump continues to publicly apply pressure for interest rate cuts. Despite this, Bessent expressed confidence in the Fed's autonomy.

While affirming the need for open discussions on the Fed's regulatory role, Bessent underscored the importance of maintaining its monetary policy function. He noted regular meetings with Powell, stressing that current operations at the Federal Reserve remain stable and unperturbed by market volatility.

(With inputs from agencies.)