Powell: Does Not Believe the Role of 'Shadow Federal Reserve Chair' Needs to Be Discussed
Bessent, who was nominated by Trump for Treasury Secretary, suggested in Barron’s that Trump should publicly appoint a successor to Federal Reserve Chair Jerome Powell as soon as he takes office, effectively creating a "shadow Federal Reserve chair." Powell disagreed with this idea, stating on Wednesday, "I don't think that's really a topic for discussion." He added, "There are institutional relationships between the Fed and each administration. I fully believe we can maintain the same relationship." Powell's term is set to end in early 2026.
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