President Donald Trump said Treasury Secretary Scott Bessent is among the candidates he is considering to replace Federal Reserve Chair Jerome Powell, while stressing that Bessent may not be the frontrunner because of his strong performance at the Treasury Department. “He’s an option, and he’s very good,” Trump told reporters after landing at Joint Base Andrews on 15 July. “Well, he’s not [the top option], because I like the job he’s doing.” Trump’s remarks come amid his escalating criticism of Powell, which now includes complaints about cost overruns on a planned $2.5 billion renovation of the Fed’s headquarters. The president called the spending “pretty disgraceful,” saying it could be grounds for dismissal, although he stopped short of saying he would move to oust Powell. Trump has also repeatedly urged the central bank to cut interest rates, which it has held steady this year. Powell’s four-year term as Fed chair expires in May 2026, though he could remain on the Board of Governors until January 2028. Earlier in the day, Bessent told Bloomberg Television that Powell should step down from the board once his chair term ends and confirmed that a formal search process for a successor has begun, without indicating whether he would accept the role himself. The prospect of elevating a sitting Treasury secretary to lead the central bank highlights the administration’s increasing influence over monetary policy at a time when the White House is pressing for lower borrowing costs. Any nomination would require Senate confirmation.