bessent

1 of 3 | U.S. Treasury Secretary Scott Bessent (pictured in the Rose Garden of the White House in Washington, D.C., on Tuesday) said President Donald Trump is likely to select the next chair of the Federal Reserve before Christmas. Photo by Bonnie Cash/UPI | License Photo

Nov. 25 (UPI) — Treasury Secretary Scott Bessent said Tuesday President Donald Trump is likely to select the next chair of the Federal Reserve before Christmas.

Bessent made the remarks in an interview on CNBC, where he offered an update on his work overseeing the search for a successor to Jerome Powell, the current chair whose term ends in May 2026. Trump has pressured Powell to lower interest rates, raising questions about the independence of the nation’s central bank.

In the interview, Bessent said he was seeking a simpler and more subtle role for the Fed, which plays a pivotal role in financial markets and the economy.

“I think we’ve got to kind of simplify things,” he said. “I think it’s time for the Fed just to move back into the background, like, it used to do, calm things down and work for the American people.”

Since returning to the White House, Trump has lobbed criticisms at Powell over his cautious approach to lowering interest rates after a period of high inflation. Trump, who first appointed Powell, has called him a “clown” and openly talked about wanting to fire him.

Inflation is currently at 3%, just shy of the Fed’s 2% target. But members of the Federal Open Market Committee, the bank’s primary monetary policy-setting body, were divided on whether to support rate cuts at its December meeting.

Further complicating the Fed’s work is news that the ​​Consumer Price Index report for October will not be available for its upcoming meeting. The monthly report presents a snapshot of consumer prices, but the recent government shutdown delayed its release.

Bessent said the list of candidates for Fed chair has been narrowed to five and work was progressing well. But he noted the final pick is up to Trump “whether it’s before the Christmas holidays or in the new year.”

Treasury Secretary Scott Bessent said on Sunday that SNAP benefits may be restarted by mid-week after two federal judges ruled that the Trump administration must use emergency funds to make the benefits available. Christian clergy, faith leaders and others are pictured during a vigil at the U.S. Capitol in June to rally against cuts to social service benefits. File photo by Aaron Schwartz/UPI | License Photo

Nov. 2 (UPI) — At least 42 million Americans could begin receiving SNAP benefits by the middle of the week, Treasury Secretary Scott Bessent said Sunday. Funding for the program was set to run out Saturday amid the government shutdown, now in its sixth week.

Two federal judges ruled on Friday that the Trump administration must use emergency funding to pay for the social service during the budget impasse that led the government to shutter services, many of them critical for tens of millions of Americans.

While the judge’s order narrowly averted the suspension of SNAP benefits, it could take as long as two weeks before the benefits resume.

“There’s a process that has to be followed,” Bessent said Sunday on CNN”s State of the Union. “So, we’ve got to figure out what the process is.”

Bessent acknowledged that two weeks is a long time for people who need food, and added that the administration would not appeal the ruling.

He blamed Democrats for the prolonged shutdown, despite both parties refusing to reach a deal to end it.

“The best way for SNAP benefits to get paid is for Democrats, five Democrats, to cross the aisle and reopen the government,” he said.

The judges’ rulings mean, however, that the benefits will resume even without a vote.