Trump administration not in a rush to replace Powell, Treasury chief Bessent says

US Federal Reserve Chair Jerome Powell attends the Federal Reserve's Integrated Review of the Capital Framework for Large Banks Conference, in Washington, D.C., US, Jul 22, 2025. REUTERS/Ken Cedeno

US Treasury Secretary Scott Bessent said on Wednesday that the Trump administration was not in a rush to nominate a new Federal Reserve Chair to replace Jerome Powell.

"We are getting the process underway. Obviously it's going to be President Trump's decision, and we're not in a rush," Bessent told Bloomberg TV in an interview.

Powell's term as chair ends in May 2026, although he is due to stay on as a Fed governor through Jan 2028.

President Donald Trump has repeatedly called for Powell to resign but has said he would not fire him.

In a separate interview aired on Tuesday, Bessent said there was no need for Powell to resign right now.

When asked if Fed Governor Michelle Bowman was under consideration, Bessent said: "I'm not going to name names, but there are candidates, as I said, on the board, several female regional bank presidents and there are fantastic women outside the Fed."

Bessent said he continued to have regular meetings with Powell and that Powell had not told him whether he would leave his board seat before 2028.

"My belief is that he will. And I think that it would be very good for the institution for him to do it and I think it'd be very good for him personally to do it," Bessent said.