Jerome Powell, Scott Bessent
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US Treasury Secretary Scott Bessent says no reason for Fed chair Jerome Powell to resign immediately
Bessent noted that Powell's term as Fed chair ends in May 2026, and that he should see out his full term if he wants to.
U.S. Fed Chair Jerome Powell spoke of a need to maintain a "safe, sound and efficient" U.S. banking system while Treasury Secretary Scott Bessent called Powell "good public servant" suggesting he finish his term.
Former Treasury Secretary Janet Yellen supported Federal Reserve Chairman Jerome Powell finishing his term, which is up in May 2026.
The Treasury secretary also stated his preference that Powell step down from the Fed entirely when his term ends. “Traditionally, the Fed chair also steps down as a governor."
President Donald Trump on Sunday disputed a Wall Street Journal story alleging that Treasury Secretary Scott Bessent urged him to avoid firing Federal Reserve Chair Jerome Powell partly over concerns about the impact of his potential removal on the U.S. economy, declaring that he knows “better than anybody what’s good for the Market.”
Donald Trump has repeatedly criticized Jerome Powell for not cutting interest rates, and he escalated his attacks on the Fed chair last week.