Treasury Secretary Scott Bessent on Thursday outlined the qualities he is seeking as he vets candidates from President Donald Trump’s shortlist to lead the nation’s central bank.
“I want to see people who are forward-looking, not backward-looking on regulation,” Bessent said in an interview on FOX Business’ “Mornings with Maria,” adding that “since the great financial crisis, we’ve been in a regulatory straitjacket for the banking system.”
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Bessent said that the Trump administration is also looking for someone with broad financial knowledge “that can bring credibility to the markets.”
Federal Reserve Chairman Jerome Powell, appointed by Trump in 2017, is slated to complete his term in May 2026.
Bessent also addressed the Federal Reserve’s ongoing $2.5 billion renovation of its two main buildings in Washington’s Foggy Bottom neighborhood.
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“This building project – I’m not a builder – but I can tell you that if my company was losing $100 billion a year … then I probably would not have embarked on a project like this,” Bessent said, referencing the Fed’s operating losses.
The project to update the building’s safety and accessibility standards while preserving its historic architecture has become a recent flashpoint between Trump and Powell.
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In 2021, initial estimates for modernizing the Federal Reserve’s headquarters stood at $1.9 billion, later climbing to $2.5 billion.
The Fed said in a release that some of the unforeseen conditions that emerged during the renovation include “more asbestos than anticipated,” as well as toxic contamination in the soil and a sinkhole.
Powell has dismissed Trump administration claims that the ongoing construction at the Fed includes lavish dining rooms, private elevators and rooftop garden terraces.
“The Fed is a sprawling organization, and I want to see someone who is going to rationalize it,” Bessent said.
The renovation project is expected to be completed in the fall of 2027, with Washington, D.C.-based employees likely returning to the building in March 2028.
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