President Donald Trump speaks with reporters at Lehigh Valley International Airport in Allentown, Pennsylvania, on Sunday. (Julia Demaree Nikhinson / AP)
By Jason Cohen and August 5, 2025 at 6:13am
President Donald Trump on Tuesday ruled out Treasury Secretary Scott Bessent as a potential choice to replace Federal Reserve Chair Jerome Powell.
Despite pressure from Trump, Powell has reportedly informed some close allies and associates that he intends to serve out the rest of his term, which ends in May 2026. Trump said on “Squawk Box” that Bessent was not under consideration to replace Powell because he would prefer to remain in his current role heading the Treasury Department.
“Well, I love Scott, but he wants to stay where he is,” Trump said. “I will — I’ll take him off the … because I asked him just last night, ‘Is this something you want?’ ‘Nope. I want to stay where I am.’ He actually said, ‘I want to work with you. It’s such an honor.’ I said, ‘That’s very nice. I appreciate that.’”
“But no, Scott wants to do what he’s doing. He’s doing a great job, and he wants to do what he’s doing,” he continued. “So I — just take him off. He does not want it. He likes being Treasury secretary. He’s doing a really good job.”
Trump has publicly criticized Powell for not lowering interest rates during his presidency. The president has also repeatedly called for the Fed chairman’s resignation based on the Fed’s refusal to cut rates.
Allies of the president have also floated the idea of naming a “shadow Fed chair” before Powell’s term is over, Axios reported on Friday.
Should Trump fire Jerome Powell?
Trump asserted on “Finnerty” on Friday that he would probably not remove Powell from his role as it could rattle the market.
“They say it would disturb the market,” Trump said. “I would remove him in a heartbeat, but they say it would disturb the market. He gets out in seven or eight months, and I’ll put somebody else in.”
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