Treasury Secretary Scott Bessent confirmed he’s not seeking the Federal Reserve chair role and praised President Trump after Saudi Arabia pledged nearly $1 trillion in U.S. investments.

The president also disclosed for the first time that Bessent has been advocating for Powell to remain as chair until his term expires in May.

DEEPENING DEFENSE COOPERATION AND REGIONAL SECURITY: President Trump is advancing U.S. national security by forging agreements that enhance regional deterrence, grow the American industrial base, and ensure that partners like Saudi Arabia shoulder more responsibility for countering shared threats.

This marks the first time the president has disclosed that Bessent has pushed for Fed Chairman Jerome Powell not to lose his job.

Mohammed bin Salman was briefly a global pariah after the killing of a Saudi dissident. But he has rebuilt his image as a deal-maker and influential investor.

President Donald Trump said Tuesday evening that he was formally designating Saudi Arabia a major non-NATO ally, as he seeks to deepen relations, both militarily and economically, with the Islamic kingdom.