Treasury Secretary Scott Bessent said it’s time for Federal Reserve Chairman Jerome Powell to “move on” from the central bank after his term expires in mid-May, deriding Powell’s decision to stay aboard as a governor.
“It’s Chair Powell’s decision to stay as a governor if he wants. I think it violates all norms. They would say that one other governor did stay that was at the request of the president. The president has not requested that Chair Powell stay,” Bessent said on Fox News’s Sunday Morning Futures.
Powell, who has sparred with President Donald Trump throughout the first year-and-a-half of Trump’s second term over interest rates, announced on Wednesday that he would stay on the Fed’s Board of Governors after his term as chairman ends on May 15. The move robs Trump of another nomination to the board as Trump-appointed Kevin Warsh comes on board as chairman, pending Senate confirmation.
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