U.S. President Trump stated that the next Federal Reserve Chair will be selected in the primary election in early January next year. U.S. Treasury Secretary Bessent has organized and supervised the candidate screening process and thereby established an agenda that could bring comprehensive changes to the Federal Reserve while promoting interest rate cuts. U.S. Treasury Secretary Scott Bessent is at a critical moment in what could be a decisive event in his government career. Although the transfer of power at the Federal Reserve poses risks for Bessent, another more reasonable possibility is that he will gain new powers.

He will work with a Federal Reserve Chair willing to cooperate, who may be inclined to grant the Treasury Secretary powers that have long been considered off-limits to the politically sensitive executive branch, giving the Treasury greater say over the Federal Reserve's large-scale asset purchases and sales (known respectively as quantitative easing and quantitative tightening).