U.S. Treasury Secretary Scott Bessent said Wednesday that the Trump administration is in no rush to name a new candidate to replace Federal Reserve Chairman Jerome Powell.
"We have begun the process. Of course, this decision is President Trump's absolute right, and we are in no rush," Bessent said in a recent interview.
Powell's term as chairman ends in May 2026, but he will remain on the Fed board until January 2028.
Trump has repeatedly called for Powell to resign, but has said he will not fire him. In a separate interview aired Tuesday, Bessent said there is no need for Powell to step down at this time.
Bessent also confirmed that he still meets regularly with Powell and said that Powell has not announced any decision to relinquish his board seat before 2028.
