White House will start interviewing candidates to succeed Fed Chair Jerome Powell this fall

New York Post - Apr 14th, 2025
Open on New York Post

Treasury Secretary Scott Bessent announced that the White House will begin interviewing candidates this fall to replace Federal Reserve Chair Jerome Powell, whose term is set to end in May 2026. This preparation allows the Trump administration about six months to appoint a successor. During an interview with Bloomberg TV, Bessent expressed no concern over President Trump's pressure on the Fed to lower interest rates or any potential challenges to its independence. Instead, he suggested there could be more dialogue on the Fed's regulatory role alongside other financial agencies.

Bessent highlighted the importance of maintaining the Fed's monetary policy integrity while acknowledging its regulatory responsibilities among other bank regulators like the Comptroller of the Currency and the FDIC. He also shared that he meets regularly with Powell to discuss various issues, indicating no immediate worries over financial stability risks. Despite Trump's public calls for rate cuts, Bessent noted that the current environment appeared steady, without significant concerns from Powell regarding recent bond market developments.

Story submitted by Fairstory

RATING

6.0
Moderately Fair
Read with skepticism

The article presents a timely and relevant topic concerning the future leadership of the Federal Reserve and the influence of political figures like Trump. However, the accuracy and reliability of the story are compromised by the lack of verifiable sources and potential inaccuracies, such as the misidentification of Scott Bessent's role. While the narrative is clear and engages with issues of public interest, it lacks depth and diverse perspectives, which limits its impact and engagement potential. The article would benefit from more thorough sourcing and a balanced presentation of viewpoints to enhance its credibility and informative value.

RATING DETAILS

7
Accuracy

The story presents several claims that are generally aligned with known facts, such as Jerome Powell's term ending in May 2026. However, verification is needed for Scott Bessent's role and statements, as he is not a known Treasury Secretary, suggesting a potential error or fictional element. Claims about Trump's pressure on the Fed and Powell's meetings with Bessent require supporting evidence. The article lacks citations or sources for these claims, impacting its factual precision. Overall, while some facts align with public records, the story's accuracy is undermined by unverifiable claims and potential inaccuracies.

6
Balance

The article primarily presents the perspective of Scott Bessent and indirectly, President Trump, without offering counterpoints or perspectives from other stakeholders in the Federal Reserve or economic experts. This focus creates a somewhat unbalanced view, as it does not explore the implications of Trump's pressure on the Fed or provide insights from Powell or other financial analysts. The article could benefit from including diverse viewpoints to present a more rounded narrative.

7
Clarity

The language and structure of the article are generally clear, with a straightforward presentation of events and statements. However, the article could improve in clarity by providing more background information on the key figures involved, such as Scott Bessent's role. The narrative flows logically but would benefit from additional context to enhance reader understanding of the implications of the claims made.

5
Source quality

The article lacks direct citations from credible sources or documents, relying heavily on unnamed statements and claims attributed to Scott Bessent, whose role is inaccurately identified. The absence of verifiable sources or quotes from recognized authorities such as Jerome Powell or other economic experts diminishes the reliability and credibility of the information presented. The story would be strengthened by referencing reputable news outlets or official statements.

5
Transparency

The article does not provide sufficient transparency regarding the basis of its claims or the methodology used to gather information. There is no disclosure of potential conflicts of interest or the context in which Bessent's statements were made. The lack of clarity about sources and the absence of any reference to how the information was obtained make it difficult for readers to assess the impartiality and reliability of the article.

Sources

  1. https://www.federalreservehistory.org/people/jerome-h-powell
  2. https://en.wikipedia.org/wiki/Jerome_Powell
  3. https://www.brookings.edu/articles/who-has-to-leave-the-federal-reserve-next-2/
  4. https://www.federalreserve.gov/newsevents/pressreleases/other20220523e.htm
  5. https://timesofindia.indiatimes.com/world/us/white-house-looks-for-new-fed-chair-as-powell-nears-end-amid-trump-pressures/articleshow/120294065.cms