President-elect Donald Trump’s pick for Treasury Secretary and hedge fund magnate, Scott Bessent, stated Federal Reserve Chair Jerome Powell will serve out his term. Bessent echoed Trump’s remarks that Powell would not be removed. Trump had a contentious relationship with Powell in his first administration and told NBC News he had no plans to ask Powell to resign. Powell’s term ends in May 2026, and he has expressed confidence in the legal protection of his role, emphasizing he would not step down if asked. This marks a shift for Bessent, who previously floated the idea of a “shadow” Fed chair.