TechFlow news, on July 15, according to Jinshi Data, U.S. Treasury Secretary Bessent suggested that Federal Reserve Chair Powell should step down from the Federal Reserve Board when his term as chair ends in May 2026. Bessent said on Tuesday: "Traditionally, when a Fed chair leaves office, they also resign from the board. There has been much discussion about a 'shadow Fed chair,' which could create confusion before an official nomination. I can say clearly that if a former Fed chair continues to remain on the board, it could be very confusing for markets." Powell's term as a Fed board member does not expire until January 2028, meaning that even if his chairmanship ends in May next year, he could still stay at the Fed and participate in monetary policy decisions. Powell has repeatedly avoided responding to whether he will continue serving as a board member. This silence complicates President Trump and his aides' decision-making when reshaping the Fed's leadership next year. Bessent also stated: "The formal process to determine the next Fed chair nomination has already begun, and there are many outstanding candidates both inside and outside the Federal Reserve."
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