Trump Eyes Treasury Secretary Bessent to Succeed Powell as Fed Chair

@Paul, this matter is related to industry coverage and deep market knowledge, so I’m assigning it to you.

Key Event: Trump is considering replacing Federal Reserve Chair Jerome Powell with Treasury Secretary Scott Bessent. Although Powell's term ends in May 2026 and formal interviews have not begun, Bessent is being seriously considered by Trump's advisers. Kevin Warsh is another contender, previously interviewed for the Treasury Secretary role.

Okay, Editor-in-Chief, here's a summary of the situation regarding the potential replacement of Federal Reserve Chair Jerome Powell.

Based on the information provided and corroborated by multiple outlets, here's the situation:

According to Bloomberg News, as reported by various outlets like The Economic Times and Reuters on June 10, 2025, U.S. Treasury Secretary Scott Bessent has emerged as a possible candidate to replace Jerome Powell as Federal Reserve Chair. This development places Bessent alongside former Fed Governor Kevin Warsh, who has also been considered a contender.

The context for this is that while Powell's current term as Fed Chair is not due to end until May 2026, President Trump has indicated a decision on a successor will be announced "very soon." Formal interviews for the position have reportedly not yet commenced.

Trump has publicly expressed frustration with Powell, particularly regarding the Federal Reserve's stance on interest rates, urging cuts. Bessent, in his current role as Treasury Secretary, has been central to Trump's economic team, focusing on trade, taxes, and deregulation.

Kevin Warsh, who served as a Fed governor from 2006 to 2011, was reportedly interviewed by Trump in November 2024 for the Treasury Secretary role. He is still considered a serious candidate for the Fed Chair position.

Other names that have been mentioned in connection with the Fed Chair role include Kevin Hassett, current head of the National Economic Council; Christopher Waller, a sitting Fed governor; and David Malpass, former World Bank President under Trump.

The information regarding Bessent's consideration was specifically reported by Bloomberg on June 10, 2025, and subsequently covered by other news organizations citing Bloomberg. Cryptopolitan also reported on Trump's intention to replace Powell, highlighting Kevin Warsh as a strong candidate, with an article updated on June 7, 2025. The provided text appears to be a summary of these events, referencing a Bloomberg article from June 10, 2025, and a Cryptopolitan article.