"Next Fed Chair Contender" US Treasury Secretary Wants to Remain in Office Until 2029

Scott Besant, the U.S. Secretary of the Treasury who is being mentioned as a potential candidate for the next Federal Reserve (Fed) Chair, has stated that he would like to remain in his position until 2029. However, he also left room for flexibility, saying he would follow the choice of U.S. President Donald Trump.

According to Bloomberg and Yahoo Finance on the 11th (local time), Secretary Besant appeared before the House Ways and Means Committee. When asked whether he preferred the position of Fed Chair or Treasury Secretary, he replied that he currently holds "the best job" in Washington and added, "I am willing to do whatever President Trump wants me to do."

Scott Besant, U.S. Secretary of the Treasury. Photo by Getty Images Yonhap News

He continued, "And I would like to stay in my position until 2029 to carry out that work."

The previous day, Bloomberg and other outlets reported that many aides inside and outside the U.S. administration consider Secretary Besant a leading candidate for the next Fed Chair. According to sources, Secretary Besant is among several contenders vying for the position. He has led President Trump's key policies, including trade negotiations, tax cuts, and deregulation. However, the sources also noted that official interviews for the Fed Chair position have not yet begun.

The current Fed Chair, Jerome Powell, was appointed during the first Trump administration in 2018, and his term will expire in May of next year. On the 6th, President Trump said he would nominate Powell's successor "very soon." President Trump has publicly pressured Chair Powell to lower the benchmark interest rate, but after Powell refused to comply, Trump criticized him publicly, calling him "a fool who knows nothing," and pressured him to resign.

Kevin Warsh, a former Fed governor, is also considered one of the candidates for the next Chair. On the 6th, President Trump said that Warsh is "very highly regarded."

Some observers have raised the possibility that an "ultra-dovish" figure could become the next Fed Chair. Paul Tudor Jones, a major player in the hedge fund industry, said in a Bloomberg TV interview that President Trump is likely to appoint such a figure to support his growth policies. He described Secretary Besant and former Governor Warsh as "fabulous names," and commented that Secretary Besant stands out given President Trump's emphasis on economic growth and loyalty.

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