Trump’s Top Goon Touts Him for a Demotion
Scott Bessent proposed a demotion for the president while attempting flattery on a whole new level.
Treasury Secretary Scott Bessent tried taking his flattery to new heights Tuesday—by pitching a demotion for President Donald Trump.
Bessent, 63, told Bret Baier on Fox News’ Special Report that he was officially out of the running to replace Jerome Powell as Federal Reserve chair, before floating Trump, 79, for the job.
Many analysts have attributed the rising cost of groceries to Trump’s sweeping tariffs against much of the rest of the planet.
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“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,” said Bessent, a former hedge fund manager, drawing chuckles from Baier.
Though it would technically be a step down, Trump certainly has appeared eager to take charge of the country’s monetary policy since his return to the White House, tearing into Powell for months over his reluctance to lower interest rates.
While Trump, a former real estate developer, believes cheaper borrowing will boost the economy—particularly the housing sector—the Fed has hesitated to cut rates amid persistent inflation, with the first reduction of Trump’s second term coming only in September, followed by a second cut in October.
Trump is happily looking for Federal Reserve Chair Jerome Powell’s replacement. He told reporter he is interviewing "surprising names" and "standard names."
Chip Somodevilla/Getty Images
On Tuesday, the commander in chief again attacked Powell, whom he himself appointed as chair in 2017. “I’d love to get the guy currently in there out right now but people are holding me back,” he said. “He’s a fool. He’s a stupid man.”
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But Powell’s time as chair ends in May 2026, and Trump is already narrowing his list of replacements. He revealed Tuesday that he had begun interviews with candidates, though he said, “I think I already know my choice.”
Asked who that person was, he pointed to Bessent, saying, “Well, I liked him, but he’s not going to take the job, he refused.”
He added, “We have some surprising names and we have some standard names that everybody’s talking about.”
Bessent, who is leading the search, previously told reporters that the pool of contenders has narrowed to current Fed Governors Christopher Waller and Michelle Bowman, former Fed Governor Kevin Warsh, White House National Economic Council Director Kevin Hassett, and BlackRock executive Rick Rieder.
Bessent told Baier that Trump would “hopefully” announce his pick “before Christmas.”
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