Treasury Secretary Scott Bessent announced that the White House intends to begin interviewing candidates to succeed Federal Reserve Chair Jerome Powell, whose term concludes in May 2026. Speaking to Bloomberg TV, Bessent indicated that this timeline provides the Trump administration a six-month window to consider potential successors. He reassured that he does not foresee President Trump pushing Powell out or undermining the Fed's independence, yet calls for further discussions on the Fed's role as a regulator, emphasizing the need to separate its regulatory and monetary responsibilities.
"I've repeatedly said the Fed has two duties, and I believe that monetary policy is a jewel box that's got to be preserved. And then they have regulatory policies."
"Specifically, did we discuss some kind of break the glass? I think we're a long way from that."
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