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.

Former Treasury Secretary Janet Yellen supported Federal Reserve Chairman Jerome Powell finishing his term, which is up in May 2026.

Treasury Secretary Scott Bessent said Tuesday that a “formal process” to find a successor for Federal Reserve Chair Jerome Powell has already started — as the Trump administration ratchets up pressure for the top central banker to step aside before his term ends.

The Treasury secretary also stated his preference that Powell step down from the Fed entirely when his term ends. “Traditionally, the Fed chair also steps down as a governor."

President Donald Trump on Sunday disputed a Wall Street Journal story alleging that Treasury Secretary Scott Bessent urged him to avoid firing Federal Reserve Chair Jerome Powell partly over concerns about the impact of his potential removal on the U.S. economy, declaring that he knows “better than anybody what’s good for the Market.”

Donald Trump has repeatedly criticized Jerome Powell for not cutting interest rates, and he escalated his attacks on the Fed chair last week.

Treasury Secretary Scott Bessent defended the monetary independence of the Federal Reserve o after getting caught in the crossfire between President Trump and the Wall Street Journal. Bessent said in a social media post on Monday evening that “[Fed] independence is a cornerstone of continued U.

Republican Rep. Anna Paulina Luna of Florida sent a letter to Attorney General Pam Bondi calling for an investigation into Federal Reserve Chairman Jerome Powell for "potential perjury and making false statements" -- calling into question testimony Powell delivered on June 25 at the Senate Banking Committee.