• last year
President-elect Donald Trump’s pick for Treasury Secretary and hedge fund magnate, Scott Bessent, stated Federal Reserve Chair Jerome Powell will serve out his term. Bessent echoed Trump’s remarks that Powell would not be removed. Trump had a contentious relationship with Powell in his first administration and told NBC News he had no plans to ask Powell to resign. Powell’s term ends in May 2026, and he has expressed confidence in the legal protection of his role, emphasizing he would not step down if asked. This marks a shift for Bessent, who previously floated the idea of a “shadow” Fed chair.

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00:00It's Benzinga bringing Wall Street to Main Street.
00:02President-elect Donald Trump's pick for Treasury Secretary and hedge fund
00:05magnate Scott Besson stated Federal Reserve Chair Jerome Powell will serve out his term.
00:11Besson echoed Trump's remarks that Powell would not be removed.
00:14Trump had a contentious relationship with Powell in his first administration
00:18and told NBC News he had no plans to ask Powell to resign.
00:22Powell's term ends in May 2026, and he has expressed confidence in the legal protection
00:27of his role, emphasizing he would not step down if asked.
00:30This marks a shift for Besson, who previously floated the idea of a shadow-fed chair.

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