Nov. 25 (UPI) -- Treasury Secretary Scott Bessent said Tuesday President Donald Trump is likely to select the next chair of the Federal Reserve before Christmas.
Bessent made the remarks in an interview on CNBC, where he offered an update on his work overseeing the search for a successor to Jerome Powell, the current chair whose term ends in May 2026. Trump has pressured Powell to lower interest rates, raising questions about the independence of the nation's central bank.
In the interview, Bessent said he was seeking a simpler and more subtle role for the Fed, which plays a pivotal role in financial markets and the economy.
"I think we've got to kind of simplify things," he said. "I think it's time for the Fed just to move back into the background, like, it used to do, calm things down and work for the American people."
Related
