Trump: Treasury Secretary Scott Bessent doesn't want to be Federal Reserve chair
Aug. 5 (UPI) -- President Donald Trump said Tuesday that Treasury Secretary Scott Bessent is no longer on the list to replace Federal Reserve Chair Jerome Powell.
"Well I love Scott, but he wants to stay where he is," Trump said on CNBC's Squawk Box. "I asked him just last night, 'Is this something you want?' 'Nope I want to stay where I am.'"
"I just take him off. He does not want it. He likes being Treasury secretary," Trump said.
Powell's term as Fed chair ends in 2026, and Trump has been highly critical of his hesitation to lower interest rates, calling him a "moron" and "too late."
Trump is considering his own replacements for the Fed's board of governors amid his criticism of Powell over his stance on interest rates.
Others Trump is considering to replace Powell include Kevin Warsh, a financier and bank executive who previously served on the Fed's board of governors, and Kevin Hassett, an economist and the head of the National Economic Council at the White House.
"Both Kevins are very good, and there are other people that are very good, too," Trump said, adding that [Adriana] Kugler's resignation "was a pleasant surprise."
Kugler, a labor economist, announced Friday that she would step down from the Fed's board of governors this Friday. She plans to return to teaching public policy at Georgetown University in the fall.
Another contender for Powell's job is economist and Fed governor Christopher Waller, whom Trump appointed.
Trump nominated Powell for the Fed job in 2017, during his first term as president. President Joe Biden reappointed him during his term. Trump alleged Tuesday that Powell told him, "Sir, I'll keep interest rates so low. I'm a low interest rate person."
Last week, the Fed kept the interest rate unchanged at 4.25%-4.5%. Waller and governor Michelle Bowman, another Trump appointee, dissented. It was the first time two governors had dissented since 1993.
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