Treasury Secretary Scott Bessent said Federal Reserve Chair Jerome Powell’s decision to potentially stay on at the US central bank after his term as chair expires in May would go against historic norms.
“Only one former chair has stayed on as a governor and the president of the United States asked him to stay,” Bessent said during an interview with Fox Business. “I can’t imagine” President Trump asking Powell to stay at the Fed, he added.
On Wednesday, Powell told reporters he had “no intention” of resigning as a member of the Fed’s Board of Governors until an investigation by the Department of Justice into a building renovation project is “well and truly over.” Powell’s term as Fed chair ends in May, but his term as governor extends until January 2028.
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Powell also said he would serve as chair pro tempore if his successor is not confirmed before May.
On Thursday, Bessent said president Trump’s nominee to lead the Fed, Kevin Warsh, has been meeting with senators ahead of his confirmation hearing. Senator Thom Tillis has pledged to block the confirmation of Kevin Warsh until the probe is resolved.
“There will be a hearing” for Kevin Warsh, president Donald Trump’s nominee to lead the Fed, he said. “If Senator Tillis insists on waiting until the investigation ends, then what will be held up is the vote.”
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