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.

Former Federal Reserve Chairs Ben Bernanke and Janet Yellen have cautioned that President Donald Trump‘s ongoing pressure on the current Fed chief, Jerome Powell, could have dire long-term consequences for the U.

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."

The Federal Reserve's] hesitancy to cut rates, I think, is actually … quite a mark against them,” former Fed governor Kevin Warsh said.

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.