Treasury Secretary Scott Bessent said about finding a successor to Fed Chair Jerome Powell, whose term ends in May 2026: “There’s a formal process that’s already starting. There are a lot of great

U.S. Treasury Secretary Scott Bessent, in an interview on Bloomberg Surveillance on Tuesday, said that a "formal process" is already starting to identify a potential successor to Federal Reserve Chairman Jerome Powell.

The Treasury secretary also stated his preference that Powell step down from the Fed entirely when his term ends. “Traditionally, the Fed chair also steps down as a governor."