President Donald Trump has renewed pressure on Federal Reserve chairman Jerome Powell to resign, stirring debate over the central bank's independence and prompting fresh speculation over potential successors.

While Trump criticizes Powell for keeping interest rates too high and accuses him of misleading Congress, Treasury Secretary Scott Bessent has declined to echo those calls and instead emphasized the need for fiscal discipline at the Fed, as Fox Business reports.

The tension escalated on Wednesday when Trump posted on Truth Social that Powell “should resign immediately,” citing recent allegations from the Federal Housing Finance Agency that the chairman had provided deceptive testimony to Congress.

Trump's frustration grows

Earlier in the week, Trump sent Powell a personal message rebuking him for keeping U.S. interest rates “artificially high” and suggested they are damaging the country’s economic competitiveness compared to other nations.

The president has voiced his displeasure over Powell’s leadership for months, frequently asserting that elevated interest rates are “costing the U.S. a fortune” and dampening growth.

His increasingly public criticisms have placed the Federal Reserve chair in an unusually political spotlight and intensified questions about whether new leadership is on the horizon.

Bessent avoids direct comment

During a Thursday interview with Fox Business, Bessent was asked whether Powell should resign.

He stopped short of endorsing Trump’s call, instead focusing on reform within the Fed.

“The administration has been adamant about trying to get waste, fraud, and abuse out of the system, the secretary said.

Bessent added, “Is it healthy for the Fed to get their spending under control? Sure.”

He reiterated the administration’s focus on eliminating inefficiencies while noting that federal agencies -- including the Fed -- must align with broader efforts to manage government spending responsibly.

Speculation grows around Treasury chief

Reports from the Wall Street Journal have identified Bessent as a potential candidate to replace Powell, though he neither confirmed nor denied his interest in taking the helm of the Federal Reserve.

“We have a lot of great candidates for the Federal Reserve,” Bessent said.

He went on, “I think I have the best job in Washington. I get to interact with the president. The Cabinet that he's chosen is fantastic.”

Bessent also noted, “I will go where the president thinks that I am best suited,” acknowledging that the administration hopes to fill two Federal Reserve Board seats next year, without disclosing further details.

Additional contenders for Fed role emerge

Other names circulating for the chairmanship include former Fed Governor Kevin Warsh, National Economic Council Director Kevin Hassett, former World Bank President David Malpass, and current Fed Governor Christopher Waller.

Each potential nominee brings a distinct approach to monetary policy, and their consideration reflects the administration’s desire to steer the bank more closely in line with Trump’s economic outlook.

As speculation continues, Powell remains in his position, but the growing political scrutiny marks a significant moment for the U.S. central bank’s leadership and independence.