Bessent promotes the Federal Reserve's return to traditional behind-the-scenes practices through personnel screening, giving the U.S. Treasury more say

U.S. President Trump stated that he will select the next Federal Reserve Chairman in early January next year. U.S. Treasury Secretary Scott Bessent has organized and supervised the candidate screening process, establishing an agenda that could bring comprehensive changes to the Federal Reserve while pushing for interest rate cuts.

U.S. Treasury Secretary Scott Bessent is at a pivotal moment in what could be a decisive event in his government career. Although the power transition to Bessent poses risks, another more reasonable possibility is that he will gain new powers. He will work with a Federal Reserve Chairman willing to cooperate, who may be inclined to grant the Treasury Secretary some powers that have long been considered beyond the reach of a politically charged department within the executive branch, at which point the Treasury will have a greater say over the Federal Reserve's large-scale asset purchases and sales (respectively referred to as quantitative easing and quantitative tightening).