Treasury Secretary Scott Bessent told Bloomberg on Tuesday a “formal process” has been launched to find Federal Reserve Chair Jerome Powell’s successor, following months of pressure from President Donald Trump to have Powell step down from his role at the agency.

It hasn't been an easy start to 2025 for Jerome Powell. Unfortunately for the Fed chair, the second half of the year is likely to be even tougher.

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."

Jerome Powell has agreed to step down as chair of the Federal Reserve following relentless attacks from President Trump and his inner circle, according to a statement released by Billy Pulte, the current head of the U.

William Pulte , Chairman of the Board of Fannie Mae and Freddie Mac, said on July 11, “I’m encouraged by reports that Jerome Powell is considering resigning. I think this will be the right decision for America, and the economy will boom.”

In an interview with ABC News, Kevin Hassett was also pressed about the president's decision to hit imports from Brazil with steep tariffs.

Potential removal of Fed Chair Jerome Powell could disrupt markets, spike inflation expectations, and impact the USD and bonds.

Is the Fed chairman, Jay Powell, going to make it through the weekend? There is talk that he is being forced to resign. President Trump, of course, is on