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January 16, 2025 - Washington DC: The Senate Finance Committee examines the nomination of Scott Bessent for secretary of the treasury.
Donald Trump explain why in a recent interview.
President Donald Trump wants a new chairman of the Federal Reserve, but he’s no longer considering Treasury Secretary Scott Bessent.
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Trump told CNBC that he already had a conversation with Bessent, the out Cabinet member and highest-ranking LGBTQ+ official in the Republican administration, about the role. But the President said Bessent expressed he is happy to remain in his current position.
“I love Scott, but he wants to stay where he is,” Trump said on Tuesday morning. “I asked him just last night, ‘Is this something you want?’ [Bessent said], ’Nope, I want to stay where I am.’ He actually said, ‘I want to work with you.’ It’s such an honor. I said, ‘That’s very nice. I appreciate that.’”
Related: Who is Scott Bessent? Here's the gay billionaire and treasury secretary backing Trump tariffs
Trump repeatedly has criticized current Fed Chair Jerome Powell, despite appointing him to chair the Board of Governors in 2017. Powell has resisted pressure to lower interest rates.
The president said he is still considering four other people for an opening on the Board of Governors, including bank executive Kevin Warsh and economist Kevin Hassett.
Bessent on Monday met with German Vice Chancellor and Minister of Finance Lars Klingbeil, where he discussed the administration priorities including Trump’s recent tariffs in Europe, continued security cooperation between the U.S. and Germany, and a desire for peace in Ukraine.
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