Trump Reportedly Eyes Treasury Secretary Bessent to Replace Fed Chair Powell

President Donald Trump is considering Treasury Secretary Scott Bessent as a leading candidate to replace Federal Reserve Chair Jerome Powell, whose term ends in May 2026. Trump has been critical of Powell's handling of interest rates, giving him the nickname "Mr. Too Late" and pushing for rate cuts to support economic growth. Bessent, a former hedge fund manager and staunch supporter of Trump's trade and economic policies, is seen by some as a trusted ally who could align the Fed more closely with the administration's growth agenda. Other potential candidates include former Fed official Kevin Warsh, but Bessent's loyalty to Trump and experience in global financial markets make him a standout choice. Despite Trump's desire to influence the Fed, any new Fed chair must be confirmed by the Senate and maintain the institution's independence from political interference. Bessent has expressed a preference to remain Treasury Secretary but has stated he is willing to serve where the president deems best for the economy.