{"id":1547129,"date":"2025-07-15T17:00:00","date_gmt":"2025-07-15T21:00:00","guid":{"rendered":"https:\/\/bugaluu.com\/news\/?p=1547129"},"modified":"2025-07-15T17:00:00","modified_gmt":"2025-07-15T21:00:00","slug":"bessent-says-formal-process-to-find-successor-to-jerome-powell-has-begun","status":"publish","type":"post","link":"https:\/\/bugaluu.com\/news\/bessent-says-formal-process-to-find-successor-to-jerome-powell-has-begun\/1547129\/","title":{"rendered":"Bessent Says “Formal Process” To Find Successor To Jerome Powell Has Begun"},"content":{"rendered":"

Bessent Says “Formal Process” To Find Successor To Jerome Powell Has Begun<\/span><\/p>\n

\n

U.S. Treasury Secretary Scott Bessent confirmed on Tuesday that a “formal process” is underway to find a potential successor to Federal Reserve Chairman Jerome Powell.<\/p>\n

In an interview with Bloomberg Surveillance<\/em>, Bessent remarked, “There are a lot of great candidates, and we\u2019ll see how rapidly it progresses.”<\/em><\/p>\n

He also noted that it would be confusing for Powell to stay on at the Federal Reserve after his term as chair concludes.<\/p>\n

Since last month President Donald Trump has intensified his criticism of Federal Reserve Chairman Jerome Powell, repeatedly accusing him of mismanaging monetary policy and calling for aggressive interest rate cuts.<\/p>\n<\/p>\n

Trump has argued that Powell is acting too slowly to respond to economic conditions and said, \u201cMaybe I should go to the Fed\u2026 Am I allowed to appoint myself at the Fed? I’d do a much better job than these people.\u201d<\/p>\n

He has labeled Powell with a series of insults, calling him \u201cstupid,\u201d \u201ctoo late,\u201d \u201ca numbskull,\u201d and demanding the Fed slash rates by a full percentage point to stimulate the economy.<\/p>\n

Trump\u2019s attacks continued into July, growing even sharper. On July 8, he declared that Powell \u201cshould resign immediately.\u201d A few days later, he criticized Powell over cost overruns tied to a $2.5 billion renovation project at the Federal Reserve, referring to him as a \u201cknucklehead\u201d and \u201cstupid guy.\u201d<\/p>\n

<\/a><\/p>\n

Last week, Office of Management and Budget Director Russell Vought also criticized Federal Reserve Chair Jerome Powell for a renovation project he called \u201ctoo lavish,\u201d referring to it as \u201cVersailles on the National Mall.\u201d<\/p>\n

On CNBC, Vought cited \u201cfundamental mismanagement\u201d at the Fed.<\/p>\n

Meanwhile, National Economic Council Director Kevin Hassett, a potential successor to Powell, added, \u201cIf there is cause to fire Powell, Trump has the authority to do so.\u201d<\/strong> The criticism appeared coordinated, with other figures like Fed candidate Kevin Warsh and Vice President J.D. Vance joining in.<\/p>\n

Trump also reiterated his demand for rates to be cut to around 1%. Members of his team suggested they might review the renovation project as a possible justification to remove Powell \u201cfor cause.\u201d<\/p>\n<\/div>\n

Tyler Durden<\/a><\/span>
\nTue, 07\/15\/2025 – 13:00<\/span><\/p>\n

\u200bhttps:\/\/www.zerohedge.com\/markets\/bessent-says-formal-process-find-successor-jerome-powell-has-begun<\/a>\u00a0<\/p>\n","protected":false},"excerpt":{"rendered":"

Bessent Says “Formal Process” To Find Successor To Jerome Powell Has Begun U.S. Treasury Secretary Scott Bessent confirmed on Tuesday that a “formal process” is…<\/p>\n","protected":false},"author":0,"featured_media":1547130,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-1547129","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","wpcat-1-id"],"_links":{"self":[{"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/posts\/1547129","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/comments?post=1547129"}],"version-history":[{"count":0,"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/posts\/1547129\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/media\/1547130"}],"wp:attachment":[{"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/media?parent=1547129"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/categories?post=1547129"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/tags?post=1547129"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}