Bessent’s rise: Trump’s economic architect considered for Fed’s top job

Treasury Secretary Scott Bessent is emerging as a serious candidate to succeed Jerome Powell as Chair of the Federal Reserve, amid growing support from advisers both within and outside President Donald Trump’s administration.

Trump, speaking on June 6, indicated he would announce a decision “very soon” regarding Powell’s replacement, whose current term ends in May 2026.

Though several names have been circulating, including former Fed Governor Kevin Warsh, whom Trump previously considered for the Treasury post, sources familiar with the matter say Bessent is increasingly being viewed as a top contender, Caliber.Az reports.

Bessent, who is currently steering Trump's efforts to revitalise the US economy through major policy overhauls in trade, taxation, and regulation, has not formally interviewed for the role, according to two people briefed on the internal discussions. When asked for comment, Bessent said, “I have the best job in Washington. The president will decide who’s best for the economy and the American people.”

A senior administration official, speaking on condition of anonymity, challenged the notion that Bessent was under serious consideration, though offered no further clarification.

As Treasury Secretary, Bessent would traditionally oversee or significantly contribute to the Fed chair selection process. It remains unclear whether he would step aside from involvement in Trump’s final decision if his own name remains in contention.

Tim Adams, President and CEO of the Institute of International Finance, emphasised Bessent’s credibility with global financial stakeholders. “Given the amount of trust and confidence that the global financial community has in Scott Bessent, he’s an obvious candidate,” Adams said. He described Bessent as a “dark horse,” while also affirming that Warsh, a former Fed board member from 2006 to 2011, would be a strong choice as well.

Trump praised Warsh in comments on June 6, saying, “He’s very highly thought of.”

Bessent has played a central role in Trump’s most consequential economic negotiations, particularly those involving China. His performance during a volatile start to Trump’s term drew praise from former chief strategist Steve Bannon, who described Bessent as “not just the star of the cabinet, but a safe pair of hands for global capital markets.”

The president has consistently criticised Powell since appointing him in 2017, particularly over what he sees as Powell’s reluctance to lower interest rates. Trump most recently pressed Powell to ease rates during a White House meeting last month.

Despite Trump’s pressure, Powell and the Fed have held rates steady throughout 2025, citing global economic uncertainty and the inflationary impact of Trump’s widened use of tariffs. The Fed has maintained that a cautious approach remains appropriate under the circumstances.

A key concern surrounding the appointment of a new Fed chair is the preservation of the institution’s independence from political interference. Trump has repeatedly expressed frustration with Powell’s decisions and suggested he should have a say in interest rate policy — a stance that has raised concerns among investors.

Nevertheless, Adams believes either Bessent or Warsh would be perceived as capable of maintaining the Fed’s autonomy. “They would be given the benefit of the doubt from the financial community,” he said.

Some Trump allies have voiced differing opinions. Economist Arthur Laffer called Bessent “wonderful” but noted that his expertise does not lie in monetary policy. “As I told the president, I think Kevin Warsh is just perfect for the job,” Laffer said.

Other potential candidates mentioned in past discussions include Kevin Hassett, Director of the National Economic Council; Fed Governor Christopher Waller; and former World Bank President David Malpass.

By Tamilla Hasanova