Trump says Bessent will not be considered for Federal Reserve chairman

President Trump said Tuesday that Treasury Secretary Scott Bessent will no longer be considered for Federal Reserve chairman after he told the president he wanted to keep his current position.

Trump is looking for a replacement for Federal Reserve Chairman Jerome Powell, whose term ends in May. 

“I love Scott, but he wants to stay where he is,” Trump told CNBC interview on Tuesday. “I’ll take him off, because I asked him just last night, ‘Is this something you want? Nope, I want to say where I am.’”

Trump said that he is considering former Federal Reserve Governor Kevin Warsh, top White House economist Kevin Hassett, and two others for Federal Reserve chairman.

Federal Reserve Governor Adriana Kugler submitted her resignation on Friday, allowing Trump to fill her position. The president said that Kugler’s replacement will be in the position for just four months.

“I’m going to be announcing that very shortly,” Trump said. “It’ll be for the four months, you know, for the short period of time.”

He added that his Fed governor pick could end up becoming his choice for Fed chairman when Powell’s term expires.

Hassett said Monday that Bessent is helping lead Trump’s search for Fed chairman.