Treasury Secretary Scott Bessent advised President Trump against firing Federal Reserve Chair Jerome Powell, arguing that such a move could harm markets, disrupt the economy and face serious legal and political hurdles, The Wall Street Journal reported ...

Treasury Secretary Scott Bessent said Tuesday that a “formal process” to find a successor for Federal Reserve Chair Jerome Powell has already started — as the Trump administration ratchets up pressure for the top central banker to step aside before his term ends.

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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."

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.

Powell has repeatedly declined to answer questions on whether he might stay on as a governor. That reticence has complicated the decision-making for President Donald Trump and his aides as they look to revamp Fed leadership next year.