The White House is casting a wider net in its search for a replacement for Federal Reserve Chair Jerome Powell than is commonly thought, according to Treasury Secretary Scott Bessent.

"What we need to do is examine the entire Federal Reserve institution and whether they have been successful," Bessent told CNBC's Squawk Box.

There have been no indications from Powell that he plans to step down despite a barrage of criticism from the Trump administration.

Treasury Secretary Scott Bessent dismissed MSNBC host Jonathan Lemire’s negatively framed questions on Wednesday about President Donald Trump’s stance against

US Treasury Secretary Scott Bessent stated that Federal Reserve Chair Jerome Powell need not resign. This statement comes after Bessent called for a r

U.S. Fed Chair Jerome Powell spoke of a need to maintain a "safe, sound and efficient" U.S. banking system while Treasury Secretary Scott Bessent called Powell "good public servant" suggesting he finish his term.

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."

Treasury Secretary Scott Bessent said Tuesday that a “formal process” to find a successor for Federal Reserve Chair Jerome Powell has already started — as the Trump administration ratchets up pressure for the top central banker to step aside before his term ends.

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