The United States Secretary of the Treasury, Scott Besent, said on Wednesday that the Trump administration is not in a hurry to nominate a new president of the Federal Reserve in replacement of Jerome Powell.
“We are starting the process. Obviously it will be President Trump’s decision, and we are not in a hurry,” Besent said in an interview with Bloomberg TV.
Powell’s mandate at the head of the Fed ends in May 2026, although it is expected to remain as governor until January 2028.
President Donald Trump has repeatedly asked Powell’s resignation, but has assured that he will not fire it.
In an interview issued on Tuesday, Besent said there is no need for Powell to resign at this time.
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When asked if the governor of the Fed, Michelle Bowman, is under consideration, Besent said: “I will not give names, but there are candidates, as I have said, in the Council, several presidents of regional banks and there are fantastic women outside the Fed.”
Besent said he continues to celebrate periodic meetings with Powell and that he has not told him if he will leave his position at the Board before 2028.
“My idea is that he will do it. And I think it would be very good for the institution to do it and I think it would be very good for him personally,” he said.
With Reuters information
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