The Trump administration is increasingly pushing Scott Bessent as a candidate for the next chair of the Federal Reserve.
Bloomberg reported on the 10th, citing multiple sources who requested anonymity, that Minister Bessent has rapidly emerged as a candidate to succeed Jerome Powell as chair of the Federal Reserve.
Minister Bessent has joined the pool of candidates for the Federal Reserve chair alongside former Federal Reserve board member Kevin Warsh. Minister Bessent has led the Trump administration's extensive global trade reforms.
Regarding the speculation about the Federal Reserve chair nomination, Minister Bessent responded, "President Trump will judge who is most beneficial for the U.S. economy and the people."
However, it has been reported that the formal interview process for the candidates for the Federal Reserve chair has not yet begun.
Trump announced last Friday that he would nominate a successor to current Federal Reserve chair Jerome Powell "very soon." The chair's term, guaranteed by law, lasts until May of next year.
Trump ignored the existing norm recognizing the political independence of the Federal Reserve, continuously demanding that Chair Powell lower interest rates. When Powell refused, Trump publicly criticized him and urged him to resign.
Generally, the Minister plays a key role in the review and interview process for Federal Reserve chair candidates. Bloomberg analyzed that it is unclear whether Minister Bessent will exclude himself from the selection process for the next Federal Reserve chair.
Steve Bannon, a former advisor to President Trump, said, "Bessent has demonstrated his ability to execute the campaign promises put forth by President Trump during the intensely dramatic first six months of his administration," and he is someone who can manage global capital markets reliably as well as uphold cabinet dignity.
Additionally, Kevin Hassett, chair of the White House Council of Economic Advisers, Christopher Waller, a Federal Reserve board member, and former World Bank president David Malpass are also mentioned as candidates.
Meanwhile, Arthur Laffer, a former professor at the University of Chicago who has close ties to President Trump, told Bloomberg, "Bessent is outstanding, but he already has a position. Moreover, Bessent's area of expertise is not currency policy. Kevin Warsh is the most suitable for this position."
A spokesperson from the White House dismissed the Bloomberg report as "false," according to Reuters.