U.S. Treasury Secretary Scott Bessent reaffirmed that he will not seek the Federal Reserve chair position, instead recommending another candidate and giving insight into the selection process during an interview Tuesday with "Special Report."
"I can safely say that I will not be the Fed chair," Bessent told Fox News chief political anchor Bret Baier. "I think President Trump would make a great Fed chair; he has an open mind, he understands monetary policy better than a lot of people on the Fed."
Bessent was tapped by President Donald Trump to lead the Treasury in January. Trump later appointed him as acting commissioner of the IRS after firing the agency’s former leader.
Trump has been a frequent critic of current Fed Chair Jerome Powell. He has long wanted Bessent to lead the Federal Reserve, a position the Treasury head has repeatedly declined.
THE FED 5: BESSENT’S SHORT LIST FOR POWELL’S JOB
"I think I already know my choice," Trump said in the Oval Office Tuesday. "Well, I liked him [Bessent], but he's not going to take the job. He refused. You like Treasury better, right?"
Bessent told the president he prefers to stay at the Treasury and shared an update with Fox News on where the Fed selection process stands.
"We're doing another round of interviews," Bessent said. "Then some people in the White House will be doing interviews. Probably right after Thanksgiving, mid-December, the president will meet the final three candidates and hopefully have an answer before Christmas.
SAUDI CROWN PRINCE BIN SALMAN HIKES COMMITTED US INVESTMENT TO NEARLY $1T
On Tuesday, Bessent joined Trump for a high-profile Oval Office meeting with Saudi Arabia’s Crown Prince Mohammed bin Salman (MBS).
During the visit, MBS pledged to invest nearly $1 trillion in the U.S. economy over the next year.
Bessent said the president was "at his best" during the crown prince’s first visit to the White House in seven years and credited Trump with bringing in "investments like we've never seen."
"The entire Biden administration [investment] was one trillion over four years," he said. "We've got many single investments that are bigger than the Biden administration took in one year."
The Treasury secretary said America’s three "power sources" are key reasons why Saudis are increasing their investment commitments.
"First, there's the military. Saudis are going to be buying F-35s, coveted by everyone around the world, proof that they are a valuable ally. Two, our great economy and the reserve currency status of the dollar. … And three, our technology and innovation economy," he said.
Bessent said those powers were evidently on display during the Saudi visit, particularly during a military jet flyover.
Trump was scheduled to host the crown prince at a White House dinner Tuesday evening.
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