<\/p>\n
Treasury Secretary Scott Bessent said Federal Reserve Chair Jerome Powell\u2019s decision to potentially stay on at the US central bank after his term as chair expires in May would go against historic norms.<\/p>\n
\u201cOnly one former chair has stayed on as a governor and the president of the United States asked him to stay,\u201d Bessent said during an interview with Fox Business. \u201cI can\u2019t imagine\u201d President Trump asking Powell to stay at the Fed, he added.<\/p>\n
On Wednesday, Powell told reporters he had \u201cno intention\u201d of resigning as a member of the Fed\u2019s Board of Governors until an investigation by the Department of Justice into a building renovation project is \u201cwell and truly over.\u201d Powell\u2019s term as Fed chair ends in May, but his term as governor extends until January 2028.<\/p>\n
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Powell also said he would serve as chair pro tempore if his successor is not confirmed before May.<\/p>\n
On Thursday, Bessent said president Trump\u2019s nominee to lead the Fed, Kevin Warsh, has been meeting with senators ahead of his confirmation hearing. Senator Thom Tillis has pledged to block the confirmation of Kevin Warsh until the probe is resolved.<\/p>\n
\u201cThere will be a hearing\u201d for Kevin Warsh, president Donald Trump\u2019s nominee to lead the Fed, he said. \u201cIf Senator Tillis insists on waiting until the investigation ends, then what will be held up is the vote.\u201d<\/p>\n
\u00a9 2026 Bloomberg<\/p>\n
#Powell #staying #Fed #historic #norms #Bessent<\/p>\n","protected":false},"excerpt":{"rendered":"
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