Scott Bessent, hedge fund manager and United States President-elect Donald Trump's nominee for Treasury secretary, confirmed Trump's statement that Federal Reserve Chair Jerome Powell will complete his term in office, despite speculation about his future.
Bessent told CNBC that Powell would serve out his tenure, which ends in May 2026. Despite their tensions, Trump recently said he had no intention of removing Powell, although he noted Powell might step down if "told."
Powell, appointed by Trump in 2018 and reappointed by President Joe Biden in 2022, maintained that the president cannot legally remove him from his position. Notably, Bessent had previously suggested the possibility of a "shadow" Fed chair.
