Key Facts
• July 23, 2025: Treasury Secretary Bessent stated no urgency in nominating a new Federal Reserve Chair.
• Current Chair Jerome Powell’s term ends in May 2026; board membership lasts until January 2028.
• President Trump has repeatedly called for Powell’s resignation but will not dismiss him.
• Bessent confirmed ongoing procedural progress, emphasizing the decision lies with President Trump.
• Bowman and other candidates, including women from regional banks and outside the Federal Reserve, are under consideration.
• Bessent regularly meets with Powell and has not discussed early resignation before 2028.
• Bessent believes Powell’s continued service benefits both the Federal Reserve and Powell personally.
Summary
Treasury Secretary Bessent announced on July 23, 2025, that the Trump administration is not rushing to nominate a successor for Federal Reserve Chair Jerome Powell. Powell’s term as Chair ends in May 2026, while his board membership extends to January 2028. Despite President Trump’s repeated calls for Powell’s resignation, he has no plans to dismiss him. Bessent emphasized that the nomination process is ongoing and ultimately President Trump’s decision. Potential candidates include Bowman and other qualified individuals, including women from regional banks and outside the Federal Reserve. Bessent also noted regular meetings with Powell and no discussions of early resignation. She expressed confidence in Powell’s continued service, highlighting its benefits for both the Federal Reserve and Powell himself.
