President Donald Trump said Treasury Secretary Scott Bessent is no longer being considered to replace Jerome Powell as Federal Reserve Chair.

President Donald Trump said Treasury Secretary Scott Bessent told him he didn’t want to be nominated to replace Jerome Powell as the next chair of the Federal Reserve.

WASHINGTON—President Trump ruled out tapping Treasury Secretary Scott Bessent as chairman of the Federal Reserve. “I love Scott, but he wants to stay where he is,” Trump said during an interview with CNBC, adding that he would take him off the shortlist of candidates to succeed Fed Chair Jerome Powell when his term ends next year.