With more and more pressure being added on Federal Reserve Chairman Jerome Powell to leave his post, President Donald Trump’s Treasury secretary revealed what may be next for the soon-to-be-open role.
When asked on Thursday whether Powell should resign, Secretary Scott Bessent responded that the administration has been adamant about “trying to get waste, fraud and abuse out of the system.”
“So, is it healthy for the Fed to get their spending under control, just like everybody else, in this time of belt-tightening and right-sizing the federal government? Sure,” Bessent told FOX Business’ Maria Bartiromo on “Mornings with Maria.”
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“Do you want to see him resign?” Bartiromo pushed for clarification.
“I want to see the Fed right-size their budget,” Bessent responded.
In the latest escalation in the feud between Trump and Powell, the president appeared to call for Powell to resign after the head of the Federal Housing Finance Agency (FHFA) alleged Powell gave “deceptive” testimony to Congress.
Trump has expressed frustration with Powell for months for refusing to lower the Fed’s interest rates, which he has said was costing the U.S. a “fortune.”
On Monday, Trump sent a note to Powell highlighting how other countries around the world have lower interest rates compared to the U.S., continuing to accuse Powell of keeping rates “artificially high.” Then, Trump took to his Truth Social account Wednesday to make it clear Powell “should resign immediately.”
Bessent’s name has reportedly been floated as a potential Fed chair pick, according to the Wall Street Journal, but he carefully tiptoed around his answers on whether he’s considering the switch.
“We have a lot of great candidates for the Federal Reserve. I think I have the best job in Washington. I get to interact with the president. The Cabinet that he’s chosen is fantastic, and being part of that Cabinet is the dream of a lifetime for me. But I will go where the president thinks that I am best suited,” Bessent said.
“I’m not going to reveal private conversations, but I’ll tell you, there are a lot of good, strong candidates, and we get to, hopefully, fill two seats next year.”
Other public figures currently in the running for the top Fed spot include former Fed Governor Kevin Warsh, National Economic Council Director Kevin Hassett, former World Bank President David Malpass and Fed Governor Christopher Waller.
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FOX Business’ Peter Pinedo contributed to this report.
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