According to Odaily Planet Daily, Bessant, who was nominated by Trump as Treasury Secretary, proposed in Barron's that Trump should immediately appoint a successor to Federal Reserve Chairman Powell after taking office to create a "shadow Federal Reserve Chairman."
Powell objected, saying: "I don't think that's even on the table." He stressed that the Fed has a set of institutional relationships with each administration that he believes will remain unchanged.
Powell's term is due to end in early 2026.
