Scott Bessent names Trump top choice for Fed chair, says he 'understands monetary policy better'

WASHINGTON, DC: Treasury Secretary Scott Bessent confirmed that he will not pursue the role of Federal Reserve chair. During an interview on 'Special Report,' he made clear that he is not a candidate for the position and offered his preferred choice to lead the central bank. 

Bessent openly endorsed President Donald Trump, crediting him with a stronger understanding of monetary policy than many within the Federal Reserve. He told Fox News chief political anchor Bret Baier, “I can safely say that I will not be the Fed chair. I think President Trump would make a great Fed chair; he has an open mind, he understands monetary policy better than a lot of people on the Fed.”

Scott Bessent says Donald Trump holds sharper grasp of monetary policy 

Bessent was appointed by Trump to lead the Treasury in January. He later served as acting commissioner of the Internal Revenue Service after the previous agency head was dismissed.

He also praised Trump's economic diplomacy, pointing to the recent Oval Office meeting with Saudi Arabia’s Crown Prince Mohammed bin Salman. According to Fox News, the crown prince pledged nearly $1 trillion in future US investments during the visit. A video circulating on social media captured the moment he told Trump that Saudi Arabia was raising its investment commitment from $600 billion to $1 trillion, described as the largest foreign investment pledge in American history.

Bessent said Trump was “at his best” during the meeting and argued that the administration was attracting investment at record levels. “The entire Biden administration [investment] was one trillion over four years,” he said. “We’ve got many single investments that are bigger than the Biden administration took in one year.” 

Donald Trump pushed for Scott Bessent as Fed chair but Treasury chief declined

Trump has repeatedly praised Bessent and made clear he sees him as a strong contender for top economic positions. He has been vocal in his criticism of current Federal Reserve Chair Jerome Powell, accusing him of incompetence and warning of consequences if interest rates are not cut.

Trump also expressed interest in appointing Bessent as Fed chair. Bessent, however, has consistently declined the possibility. “I think I already know my choice,” Trump said in the Oval Office, referring to Bessent. “Well, I liked him, but he’s not going to take the job. He refused. You like Treasury better, right?”

Bessent confirmed that he intends to remain at the Treasury and updated Fox News on the ongoing search for a new Fed chair. “We’re doing another round of interviews,” he said. “Then some people in the White House will be doing interviews. Probably right after Thanksgiving, mid-December, the president will meet the final three candidates and hopefully have an answer before Christmas."