Scott Bessent confirms moves to replace Jerome Powell are under way: ‘There’s a formal process that’s already starting’
The search for the next leader of the world’s most influential central bank is officially under way, Treasury Secretary Scott Bessent told Bloomberg on Tuesday. “There’s a formal process that’s already starting,” he said when asked about efforts to find Jerome Powell’s replacement as Federal Reserve chair. Powell’s term expires in 2026. In the first public acknowledgement of the much-rumored news about a transition at the Fed, Bessent added, “There are a lot of good candidates inside and outside the Federal Reserve.”
