Treasury Secretary Scott Bessent said that there’s “no rush” to identify a successor to Federal Reserve Chair Jerome Powell, and that a nominee could potentially come from current board members or the heads of the district banks.

U.S. Treasury Secretary Scott Bessent said on Wednesday that the Trump administration was not in a rush to nominate a new Federal Reserve Chair to replace Jerome Powell.

In the Oval Office, President Trump and Treasury Sec. Scott Bessent had tough words for Fed Chair Jerome Powell.

The Treasury secretary also stated his preference that Powell step down from the Fed entirely when his term ends. “Traditionally, the Fed chair also steps down as a governor."

U.S. Treasury Secretary Scott Bessent is calling for a review of the central bank's operations as Federal Reserve Chair Jerome Powell faces mounting pressure to resign.

U.S. Fed Chair Jerome Powell spoke of a need to maintain a "safe, sound and efficient" U.S. banking system while Treasury Secretary Scott Bessent called Powell "good public servant" suggesting he finish his term.

Amid tensions with the White House, Treasury Secretary Scott Bessent backed Fed Chair Jerome Powell, saying there's no need for him to step down before his term ends in May. However, Bessent suggested Powell has a chance to cement his legacy by reforming the Fed’s non-monetary functions.

Treasury Secretary Scott Bessent said Tuesday that a “formal process” to find a successor for Federal Reserve Chair Jerome Powell has already started — as the Trump administration ratchets up pressure for the top central banker to step aside before his term ends.