WASHINGTON D.C (VINnews) — Treasury Secretary Scott Bessent said Thursday on CNBC that Federal Reserve Chair Jerome Powell’s replacement could be named “within a few months,” signaling a potential leadership overhaul at the central bank as two board seats are expected to open.
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“We are putting together a very good list of candidates,” Bessent told reporters. “And remember, there are going to be two seats opening up.”
Bessent confirmed that Federal Reserve Governor Adriana Kugler will be stepping down, and that Chair Powell’s term is set to end in May. “Governor Kugler will be leaving… Chair Powell in May,” he said. “There will be two seats opening up. I’m putting together a list for the president, [and] the Chief of Staff to review.”
He added that an official announcement could come “by the end of the year,” a timeline that would give the administration ample time to prepare for what could be a consequential reshaping of monetary policy leadership.
The remarks come amid continued debate over inflation, interest rates, and the Fed’s role in managing a cooling yet uncertain U.S. economy.