US Minister of Finance Scott Bessnt is one of the people who are considered the next chairman of the Federal Reserve, confirmed by President Donald Trump on Tuesday, but suggested that he is not one of the best elections.
Since the intensification of Trump’s dispute with Powell, Bessent has become the highest candidate that replaced the Fed chair.
The Minister of the Ministry of Finance, formerly in an interview with Bloomberg, said that Powell should withdraw from the Bank Council when his term of office as chairman ends in May 2026.
Who is Scott Bessnt?
Scott Bessnt before taking his role as Minister of Finance, he spent his career in finance, worked for billionaire Makro investment George Soros and recorded a short seller Jim Chanos, and also operated his own hedge fund.
January 28. He was sworn into a federal post after Donald Trump appointed him Minister of Finance.
At the age of 62, Bessnt is in global investment management for 40 years, visits 60 countries and communicates with international leaders and central bankers. He is considered a specialist in the field of currency and solid income.
Also read | Scott Bessnt confirms that he is looking for the successor of the Fed Chair Powell
Besbent, a native of South Carolina, received Ba from Yale University with Major in Political Science. He was a complementary professor at Yale University, where he taught economic history. From 1991 to 2000 he was a control partner of London’s Soros Fund Management office.
Bessnt said he had known Trump’s family for 30 years through a friendship with his late brother Donald Trump Robert Trump.
He is also considered one of the main people who convinced Trump to pause his tariffs for three months until 9 July.
On Tuesday, the Minister of Finance proposed that Jerome Powell to withdraw from the Fed Council when his term of office ends in May 2026.
Also read | Trump delayed mutual tariffs after Bessnt wanted more time to store
“Traditionally, the Fed chairman will also resign as a governor,” Bessen said in an interview with Bloomberg on Tuesday.
“There was a lot of talk about the shadow of a fed chair that caused confusion before its nomination. And I can tell you, I think it would be very confusing for the market for the former Fed chair to remain,” he added.
What did Donald Trump said about Scott Bessnt?
Trump, talked to reporters in the White House on Tuesday, acknowledged Bessent’s candidacy as another Fed chair, but said he wasn’t among the best candidates.
“It’s a possibility and it’s very good,” Trump told reporters.
Also read | Donald Trump again criticizes the Fed Jerome Powell’s chair, says “Hope to end”
Asked if Bessnt was the best option, Trump replied, “Well, it’s not because I like the work he does.”
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