U.S. Treasury Secretary Bessent stated that the "formal selection process has been initiated" for Federal Reserve Chairman Powell's successor, and there are currently several excellent candidates. The process will proceed at President Trump's pace. He pointed out that, according to convention, the Federal Reserve Chairman will also step down from the Board of Governors position upon completion of their term. Regarding external discussions about a "shadow Federal Reserve Chairman," Bessent clearly stated that if Powell continues to serve after his term ends, it may cause market confusion. [Bloomberg]

U.S. President Trump said that Bessent is an alternative candidate to succeed the Chairman of the Federal Reserve, but he is satisfied with Bessent's current performance as Treasury Secretary. On July 15, local time, Trump said that Bessent is an option to succeed Powell as Chairman of the Federal Reserve, but hinted that he is not the leading candidate because he "has done very well in the position of Treasury Secretary." When directly asked whether Bessent was a potential successor that day, Trump told reporters, "He is an option, and a very good one." When asked whether Bessent was the best candidate, Trump replied, "Well, he is not, because I like the job he is doing (as Treasury Secretary)." [Xinhua Finance]

Trump said Bessent was very good, but hinted that he was not the best candidate for Federal Reserve Chairman.

On July 16, U.S. President Trump stated that Bessent is a candidate to succeed the Chairman of the Federal Reserve, but is satisfied with Bessent's performance as Treasury Secretary. (Golden Ten) [BlockBeats]

Trump: Bessent is an alternative candidate to succeed the Chairman of the Federal Reserve, and is satisfied with his work performance.

On July 16, U.S. President Trump stated that Bessent was a candidate to succeed the Chairman of the Federal Reserve, but was satisfied with Bessent's performance as Treasury Secretary. (Golden Ten) [BlockBeats]

Trump: Bessent is an alternative candidate to succeed the Chairman of the Federal Reserve, and is satisfied with his work performance

According to Xinhua Finance, U.S. President Trump stated that Bessent is an alternative candidate to succeed the Chairman of the Federal Reserve, but he is satisfied with Bessent's performance as Treasury Secretary. [Foresight News]

Bessent: The formal selection process for Federal Reserve Chairman Powell's successor has begun

On July 15th, according to Jinshi Data, U.S. Treasury Secretary Bessent suggested that Federal Reserve Chairman Powell should step down from the Federal Reserve Board when his term as chairman ends in May 2026. Bessent said on Tuesday: "Traditionally, the Federal Reserve Chairman also resigns from the Board when he leaves office. There has been a lot of discussion about a 'shadow Federal Reserve Chairman,' saying that it would cause confusion before the official nomination. I can clearly say that if the former Federal Reserve Chairman continues to serve on the Board, it could be very confusing for the market." Powell's term as a Federal Reserve Governor does not end until January 2028, which means that even if his term as Chairman ends next May, he may still remain at the Federal Reserve and participate in monetary policy making. Powell has repeatedly avoided responding to whether he will continue to serve as a governor. This silence complicates President Trump and his aides' decisions when adjusting the Fed's leadership next year. Bessent also said: "The formal process for determining the nomination of the next Federal Reserve Chairman has been launched, and there are many excellent candidates inside and outside the Federal Reserve." [Techflow TechFlow]

U.S. Treasury Secretary Bessent: Powell should step down from the Board of Governors when he leaves his position as Federal Reserve Chairman in 2026

According to Jinshi, U.S. Treasury Secretary Bessent stated that the formal process for the successor to Federal Reserve Chairman Powell has been initiated, and the selection will proceed at the speed of Trump. There are many rumors about a "shadow Fed Chairman," which will cause confusion. It would be confusing if the former Fed Chairman continued to hold office. [ChainCatcher]

Bessent: The formal process for Powell's successor has begun

On July 15th, U.S. Treasury Secretary Yellen stated that the formal process for selecting Fed Chair Powell's successor has begun, and the selection will proceed at Trump's pace. (Xinhua Finance) [BlockBeats News]

U.S. Treasury Secretary: Formal Process to Select Fed Chair Powell's Successor Underway

On July 15, U.S. Treasury Secretary Scott Bessent stated that the formal process for the successor to Federal Reserve Chairman Powell has been initiated, and the selection will proceed at the speed of Trump. (Golden Ten) [BlockBeats]

U.S. Treasury Secretary: Formal process for Fed Chairman Powell's successor has begun

US Treasury Secretary: Formal process for Fed Chairman Powell's successor has begun

On July 15 (UTC+8), U.S. Treasury Secretary Bessent stated that the formal process for the successor to Federal Reserve Chairman Powell has been initiated, and the selection will proceed at the speed of Trump. There are many rumors about a "shadow Federal Reserve Chairman," which will cause confusion, and it would be confusing if the former Federal Reserve Chairman continues to hold office. (Source: PANews) [MetaEra]

US Treasury Secretary: The formal process for Fed Chairman Powell's successor has begun

On July 15, according to Jinshi, U.S. Treasury Secretary Benson said that the formal process for the successor to Federal Reserve Chairman Powell has been initiated and the selection will be carried out at Trump's speed. There are many rumors about the "shadow Fed chairman", which will cause confusion. If the former Fed chairman continues to stay in office, it will be confusing. [PANews]

U.S. Treasury Secretary: Formal process for successor to Fed Chairman Powell has begun

On July 15th, according to Jinshi Data, U.S. Treasury Secretary Bessent stated that the formal process for the successor to Federal Reserve Chairman Powell has been initiated, and the selection will proceed at the speed of Trump. There are many rumors about a "shadow Fed Chairman," which will cause confusion. If the former Fed Chairman continues to hold office, it will be confusing. [TechFlow]

US Treasury Secretary: Formal process for Powell's successor has begun

U.S. Treasury Secretary Bessent stated that the formal process for the successor to Federal Reserve Chairman Powell has been initiated, and the selection will proceed at the speed of Trump. There are many rumors about a "shadow Federal Reserve Chairman," which will cause confusion, and it would be confusing if the former Federal Reserve Chairman continues to hold office. (Golden Ten) [Odaily Planet Daily News]

U.S. Treasury Secretary Bessent: The formal process for Federal Reserve Chairman Powell's successor has begun

As is well known, US President Donald Trump has been calling on Fed Chair Jerome Powell to cut interest rates and resign for some time. Powell stated that interest rate cuts should wait a little longer, while Trump stated that the time has come for interest rate cuts and that delaying them would harm the US economy. As interest and resignation tensions continued between the two, Trump began to look for another candidate to replace Powell. At this point, US Treasury Secretary Scott Bessent said that the process of selecting Fed Chair Powell's successor has begun. Speaking to Bloomberg's Surveillance program, Scott Bessent said the official process has begun to identify Powell as a potential replacement for Federal Reserve Chair Jerome Powell. The Treasury Secretary stated that the process will proceed at President Trump's pace. "The official process has begun. There are many great candidates and we will see how quickly the process moves." Bessent also noted that uncertainty surrounding Powell's tenure could have a negative impact on markets and warned that Powell's continued presence beyond his term could create confusion in the markets. "Traditionally, the Fed chair also steps down from his or her position on the board. If he or she acts as a shadow Fed chair, it could create confusion. It would be very misleading for the market," Bessent said. Powell's term as chairman expires in 2026, but her board membership continues until January 2028. This means she can continue to influence decision-making even after her chairmanship ends. However, Powell has consistently avoided any questions about her continued board membership. *This is not investment advice.

Donald Trump Launches Official Process for Fed Chair! US Treasury Secretary Calls for "Extension" to Powell!

HIGHLIGHTS U.S. Treasury Secretary Scott Bessent announces the formal process to find a new Fed Chair. Kevin Warsh, Kevin Hassett, and Scott Bessent are leading candidates for Fed Chair, according to Polymarket. Political pressure mounts as President Trump calls for Powell’s resignation over monetary policy decisions. U.S. Treasury Secretary Scott Bessent has confirmed that a process to find a successor to Federal Reserve Chair Jerome Powell has begun. This comes amid political pressures and ongoing debates regarding U.S. monetary policy, as well as speculation in financial markets about Powell’s future.

Formal Process To Decide Jerome Powell's Successor Underway
In a recent interview with Bloomberg Television, U.S. Treasury Secretary Scott Bessent stated that the process to select a potential successor to Federal Reserve Chair Jerome Powell is officially underway.
Bessent emphasized that there are "a lot of great candidates" for the role, signaling that the search will include individuals both within and outside of the Federal Reserve system. "We’ll see how rapidly it progresses," Bessent added, indicating that the process may move quickly.
Jerome Powell's current term as the head of the U.S. central bank is set to end in May 2026. However, speculation surrounding his future has grown, particularly in the wake of ongoing political pressures and legal scrutiny.
The focus on Powell's possible replacement follows repeated calls from President Donald Trump, who has urged Powell to resign due to his monetary policy decisions. Trump has expressed dissatisfaction with Powell’s handling of interest rates, which he believes are too high and detrimental to economic growth.

Speculation Around Powell's Resignation

In addition to the political pressure, Jerome Powell is also facing a potential investigation in connection with a renovation project at the Federal Reserve. This development has led to calls for a congressional investigation, with FHFA Chairman William Pulte leading the charge.
Moreover, the personal pressure exerted by Trump has led to the speculation that the Fed Chair may opt to quit his position before the officially scheduled end of his term in May 2026.
This increasing attention and scrutiny have resulted in a delicate situation where the future of Jerome Powell at the Fed is increasingly unclear. This has caused uncertainty in the markets, with speculators also drawing attention to how the announcement of the next Chair  way early could lead to a "shadow Fed."

On the other hand, Treasury Secretary Scott Bessent noted that it would likely be "confusing" to the markets to have Jerome Powell continue as a board member following his resignation as chairman. Bessent remarked,

"I think it’d be very confusing for the market for a former Fed chair to stay on also."

As the process to find the Fed Chair's successor moves forward, several individuals have emerged as potential candidates. Polymarket data shows Kevin Warsh and Bessent lead the pack with a 20% chance, followed closely by Kevin Hassett with an 18% chance.
Meanwhile, Chris Waller, a current Federal Reserve governor, has a smaller 6% chance. Interestingly, Waller has been vocal about a Fed rate cut. However, he stated that his stance is not political.  [Polymarket]

Breaking: Fed Chair Jerome Powell Successor Process Has Started: Scott Bessent

美国财政部长Bessent表示，联邦储备主席Powell的继任者的“正式遴选程序已经启动”，目前已有几位优秀候选人。整个过程将按照特朗普总统的节奏进行。他指出，根据惯例，联邦储备主席在任期结束时也将卸任理事会成员一职。针对外界关于“影子联邦储备主席”的讨论，Bessent明确表示，如果Powell在任期结束后继续任职，可能会引起市场混乱。[Bloomberg]

Bessent：联邦储备主席Powell继任者的正式遴选程序已启动

美國財政部長Bessent表示，聯邦儲備主席Powell的繼任者的“正式遴選程序已經啓動”，目前已有幾位優秀候選人。整個過程將按照特朗普總統的節奏進行。他指出，根據慣例，聯邦儲備主席在任期結束時也將卸任理事會成員一職。針對外界關於“影子聯邦儲備主席”的討論，Bessent明確表示，如果Powell在任期結束後繼續任職，可能會引起市場混亂。[Bloomberg]