Trump just made it clear: Scott Bessent is not going to be the next Federal Reserve chair. This came only hours after Scott himself said he’d be “happy to do it” if asked.
The timing was insane. One moment, the Treasury Secretary was on Bloomberg TV talking like a front-runner. The next, Trump shut it down in front of reporters, saying Scott isn’t at the top of his list. His reason ? “Because I like the job he’s doing.”
The blunt rejection also came after Scott had already confirmed that a “formal process” had begun to find a Jerome Powell replacement. Scott even admitted he’s part of that process and said, “It’s President Trump’s decision, and it will move at his speed.” Well, it did.
Scott reacts, but Trump drags Powell instead
Earlier that same day, Scott had taken shots at Powell in that Bloomberg interview. He said Powell should step down from the Fed entirely when his chair term ends in May 2026. Scott argued that keeping Powell around past that date would send the wrong signal.
“There’s been a lot of talk of a shadow Fed chair causing confusion,” Scott said. “And I can tell you, I think it’d be very confusing for the market for a former Fed chair to stay on also.”
Scott was making a clear pitch for a clean break, pushing the idea that the next Fed chair should start fresh, with no Powell hanging around to cloud the waters. It’s worth noting that Powell’s term as a Fed governor doesn’t end until January 2028. That gives him the legal option to stay at the central bank for almost two full years after stepping down as chair, nearly till the end of Trump’s term.
But Trump isn’t even waiting that long. He’s pissed about the whole renovation saga at the Federal Reserve’s headquarters. “I think he’s a total stiff,” Trump told reporters about Powell. “But the one thing I didn’t see him as is the guy that needed a palace to live in.” He also called the cost overruns “pretty disgraceful,” hinting it could be a fireable offense.
Powell’s side of the story says the media reports were inaccurate. This week, he even requested the bank’s Inspector General to investigate the matter. Doesn’t seem to matter. Trump’s already decided Powell doesn’t belong in that seat anymore. He’s said before that Powell keeps rates too high. And he’s made it very clear he wants someone who’s ready to slash them.
Kevin Hassett and Kevin Warsh lead the race
With Scott now pushed to the side, Trump’s pick seems to be leaning toward Kevin Hassett or Kevin Warsh. Reports say the two are front-runners in what one White House insider called an “Apprentice-style” contest. Yes, that’s real.
Apparently , Trump is running this whole thing like a reality show. Scott is advising on the selection, but it’s obvious now that his name’s been scratched off the list unless everyone else fails.
Hassett, who heads the National Economic Council, has been in Trump’s orbit for a while now. He used to be seen as a moderate economist with a neutral political stance, but that’s so over now.
These days, he is a full-blown MAGA mouthpiece. He goes on TV echoing all of Trump’s views, whether it’s on inflation, interest rates, or tariffs.
He also hasn’t been shy about attacking Powell either. Just this month on Fox Business, he slammed the Fed for lowering rates before last year’s election and then holding them steady because of tariff-driven inflation risks. “I think that that raises the specter that they’re not being non-partisan, they’re not being independent,” Hassett said.
Warsh, on the other hand, has kept a lower profile but is still a serious name in the mix. He’s a former Fed governor, and Trump is reportedly impressed with him. He’s not out there doing interviews, but insiders say his name keeps coming up. Still, it’s Hassett who’s making the most noise.
Scott did say that there are “a lot of great candidates,” but now it’s obvious he’s not one of them. That “I’ll do it if asked” moment is now just another quote in the press cycle. Trump slammed the door right after he cracked it open.
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