Bessent Reportedly Raises Doubts On Warsh Confirmation By May 16 — Even As Trump Floats Firing Powell If He Stays On

• President Trump stated during an interview with Fox Business that he will fire Powell if the outgoing Fed Chair does not step down himself when his term expires on May 15.
• Powell stated last month that he will follow the norm when it comes to situations like these, where the Fed Chair successor is not confirmed in time.
• Meanwhile, South Carolina Senator Tim Scott said that Warsh’s hearing for the Fed Chair position is set for next week.

U.S. Treasury Secretary Scott Bessent reportedly said Wednesday that he is not sure whether President Donald Trump’s nominee for the Federal Reserve Chair, Kevin Warsh, will be confirmed as the next head of the central bank by May 16.

“I don’t know,” Bessent said during an interview with CNBC on Wednesday when asked about the chances of Warsh being confirmed in time as the successor to Jerome Powell.

Meanwhile, South Carolina Senator Tim Scott said on Tuesday that Warsh’s hearing for the Fed Chair position is set for next week.

“Next week we’ll have a hearing with Kevin Warsh being present,” Scott said, adding that the hearing will be held by the Senate Banking Committee.

He added that the hearing will cover the U.S. economy, price stability and inflation, along with the Fed’s independence.

“The second step, later on, we’ll have a vote on Kevin Warsh. I believe that the DOJ will finish and wrap this up in the next several weeks and Thom Tillis will be a yes on Kevin Warsh,” Scott added.

Trump Says Will Fire Powell If He Does Not Step Down

Meanwhile, President Trump stated during an interview with Fox Business that he will fire Powell if the outgoing Fed Chair does not step down himself when his term expires on May 15.

“Then I’ll have to fire him. If he’s not leaving on time — I’ve held back firing him. I’ve wanted to fire him, but I hate to be controversial. I want to be uncontroversial,” President Trump said.

Powell stated last month that he will follow the norm in situations like these, where the Fed Chair's successor is not confirmed in time.

What If Warsh Is Not Confirmed Before Expiry Of Powell’s Term?

Powell said during a March 2026 press conference that he would continue leading the central bank if his nominated successor, Warsh, is not confirmed before his term ends in May 2026.

“So if my successor is not confirmed by the end of my term as Chair, I would serve as Chair pro tem until he is confirmed. That is what the law calls for, that’s what we’ve done on several occasions,” he said.

He also said that he has no intention of leaving the Fed’s Board of Governors until the Department of Justice’s investigation is over.

Warsh Discloses Over $100M In Wealth

As part of the process to advance his nomination for Fed chair, Warsh submitted financial disclosures on Tuesday, revealing a net worth exceeding $100 million.

The filing shows he holds two investments of more than $50 million each in Juggernaut Fund LP and earned $10.2 million in consulting fees from Stanley Druckenmiller’s investment office.

Warsh also stated that he would divest his holdings in Juggernaut Fund LP if required, adding that the fund’s underlying assets were not disclosed due to existing confidentiality agreements.

Meanwhile, U.S. equities were mixed in Tuesday’s midday trade. At the time of writing, the SPDR S&P 500 ETF (SPY), which tracks the S&P 500 index, was up 0.47%; the Invesco QQQ Trust ETF (QQQ) rose 0.67%; and the SPDR Dow Jones Industrial Average ETF Trust (DIA) declined 0.37%. Retail sentiment on Stocktwits regarding the S&P 500 ETF was in the ‘neutral’ territory.

Also See: US, Iran Inch Closer To Extending Ceasefire As Trump Says War 'Very Close' To Being Over: Report

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