A firing of Jerome Powell by President Trump would likely open up a legal war never before seen in the US, without any guarantee of a courtroom victory for the White House.

The OMB chief said representatives from his agency aim to visit the central bank site “in the next week.” Meanwhile, a potential successor at the Fed pushed a vision for partnership with the Treasury.

Treasury Secretary Scott Bessent said about finding a successor to Fed Chair Jerome Powell, whose term ends in May 2026: “There’s a formal process that’s already starting. There are a lot of great

U.S. Treasury Secretary Scott Bessent, in an interview on Bloomberg Surveillance on Tuesday, said that a "formal process" is already starting to identify a potential successor to Federal Reserve Chairman Jerome Powell.

The Treasury secretary also stated his preference that Powell step down from the Fed entirely when his term ends. “Traditionally, the Fed chair also steps down as a governor."

President Donald Trump's effort to appoint a new leader at the helm of the world’s most influential central bank is intensifying.

"I've got so many people that want that job," President Donald Trump says about potential successors to Federal Reserve Chair Jerome Powell during remarks to reporters in the Oval Office.