BREAKING: The Potential Successor to Jerome Powell as Chairman of the Fed Has Been Revealed

U.S. President Donald Trump announced that he will "soon" reveal the name of the person who will replace Fed Chairman Jerome Powell, whose term will end in May 2026. Among the names being considered for Powell's successor, Treasury Secretary Scott Bessent is increasingly being mentioned. Close advisors to Trump and some outsiders to the administration believe that Bessent is a strong candidate for the Fed chairmanship. Although the formal interview process has not yet begun, Bessent stands out for his role in implementing Trump's agenda on economic policy, trade, and management. As the Secretary of Fintech, Bessent is expected to play a key role in the selection process for the new Fed Chairman. However, it remains unclear whether Bessent will withdraw from this process during Trump's decision-making. Commenting on the matter, Bessent stated, "I have the best job in Washington. The President will make the best decision for the economy and the American people." Tim Adams, chairman of the Institute of International Finance, stated that Bessent is a trusted name in the global finance community, adding, "He is a strong candidate." Adams also mentioned that former Fed Governor Kevin Warsh is a strong choice. Trump responded to a question about Warsh on Friday by saying, "He is a very respected person." Bessent is also a leader in the Trump administration's trade negotiations with China. "Scott Bessent has demonstrated in the first six challenging months that he can carry out Trump's agenda. He is the star of the cabinet and a safe choice for the global capital markets," former senior advisor Steve Bannon said. Trump nominated Powell as chairman of the Fed in 2017 but frequently criticized Powell for not cutting interest rates. The president called for another interest rate cut during a meeting with Powell last month.