President Donald Trump said on Tuesday that Treasury Secretary Scott Bessent could be a candidate to replace Federal Reserve Chairman Jerome Powell, but suggested that might not happen.

It was a nod to the latest front that Trump has opened against Powell: Intensifying scrutiny of the Fed’s renovation of its two main buildings in Washington. The president and his allies say the project is unnecessarily lavish and way over-budget, and they’ve hinted at financial wrongdoing, too.

The New York Times was first to report, Trump waved a draft letter firing Powell during a meeting with House Republicans, and soliciting their opinions on whether he should proceed. The next day, Trump confirmed that was true: “I talked about the concept of firing him,

WASHINGTON] US Treasury Secretary Scott Bessent suggested that Federal Reserve chair Jerome Powell should step down from the central bank’s board when his term as chair is up in May 2026. Read more at The Business Times.

Treasury Secretary Scott Bessent claimed the president is "not looking to fire" Powell, but noted that the search for his replacement is already underway.

Kevin Hassett, one of President Donald Trump’s longest-serving economic aides, is the early frontrunner to replace Jerome Powell as Federal Reserve chief next year, according to people familiar with the process.