Trump's Treasury Secretary emerges as contender to run the Fed
A growing chorus of advisers inside and outside the Trump administration are pushing a new name to serve as the next chair of the Federal Reserve: US Treasury Secretary Scott Bessent.
President Donald Trump said on Friday he would name a successor 'very soon' to replace Jerome Powell, whose term as Fed chair ends in May 2026. The small list of candidates under consideration has included Kevin Warsh, a former Fed official whom Trump interviewed for the Treasury secretary role in November, according to people familiar with the matter.
But Bessent — who is leading Trump's effort to kickstart the US economy with sweeping changes to trade, taxes and regulation — is also now one of the contenders for the job, said the people, who requested anonymity to discuss private conversations. Formal interviews for the position have not begun, two of the people said.
'I have the best job in Washington,' Bessent said in response to a request for comment. 'The president will decide who's best for the economy and the American people.'
A senior administration official, who spoke on the condition of anonymity, disputed the reporting without providing further specifics.
As Treasury chief, Bessent would traditionally play a key role in the search and interview process for the next Fed chair. It's unclear if he would recuse himself as Trump begins to make his decision.
'Given the amount of trust and confidence that the global financial community has in Scott Bessent, he's an obvious candidate,' said Tim Adams, president and CEO of the Institute of International Finance. 'He's a dark horse candidate,' Adams said, adding that Warsh — who served as a governor on the Fed board from 2006 to 2011 — would also be a good choice.
Asked specifically about Warsh on Friday, Trump said: 'He's very highly thought of.'
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Greens defence spokesman David Shoebridge said it was time for the government to open an inquiry into the "dud deal".
