Bessent Says Powell Staying On Is ‘Violation’ of All Fed Norms

Treasury Secretary Scott Bessent criticized Jerome Powell for his decision to stay on the Federal Reserve Board after he steps down as the US central bank’s chair, saying it amounts to a break with Fed tradition.

“It’s highly unusual for someone who says he’s an institutionalist and cares about norms at the Fed,” Bessent said on Fox Business Wednesday with regard to Powell. “This is a violation of all Federal Reserve norms.”

Bessent was speaking after Powell earlier in the day presided over his final policy meeting as Federal Reserve chair. Powell announced he will stay on as a governor ...