Scott Bessent confirms moves to replace Jerome Powell are under way: ‘There’s a formal process that’s already starting’
Powell could technically remain on the Fed’s Board of Governors until January 2028. But Bessent’s comments highlight the administration’s desire for a clean break, with a new chair taking the reins and Powell stepping aside entirely. According to Bessent, the White House aims to announce a nominee for the next Fed chair as early as October or November.
However, Bessent stressed to Bloomberg on Tuesday that Trump has said “numerous times he is not going to fire Jay Powell.” In response to the mounting pressure, Powell has requested an inspector general review of the renovation project and has reiterated his intention to serve out his term.
For this story, Fortune used generative AI to help with an initial draft. An editor verified the accuracy of the information before publishing.
