U.S. Treasury Secretary Scott Bessent said on Wednesday that the Trump administration was not in a rush to nominate a new Federal Reserve Chair to replace Jerome Powell.

There have been no indications from Powell that he plans to step down despite a barrage of criticism from the Trump administration.

Welcome to The Hill’s Business & Economy newsletter {beacon} Business & Economy Business & Economy   The Big Story Bessent: Trump ‘not going to fire’ Powell

U.S. Fed Chair Jerome Powell spoke of a need to maintain a "safe, sound and efficient" U.S. banking system while Treasury Secretary Scott Bessent called Powell "good public servant" suggesting he finish his term.

U.S. Treasury Secretary Scott Bessent breaks down President Donald Trump’s trade deals, Federal Reserve chair Jerome Powell and more on ‘The Ingraham Angle.’

Amid tensions with the White House, Treasury Secretary Scott Bessent backed Fed Chair Jerome Powell, saying there's no need for him to step down before his term ends in May. However, Bessent suggested Powell has a chance to cement his legacy by reforming the Fed’s non-monetary functions.

US Treasury Secretary Scott Bessent stated that Federal Reserve Chair Jerome Powell need not resign. This statement comes after Bessent called for a review of the Fed's operations. Bessent believes Powell should complete his term,

President Trump's trip to the Federal Reserve marks just the fourth time a president has visited the Fed, which operates as an independent agency.