Amid tensions with the White House, Treasury Secretary Scott Bessent backed Fed Chair Jerome Powell, saying there's no need for him to step down before his term ends in May. However, Bessent suggested Powell has a chance to cement his legacy by reforming the Fed’s non-monetary functions.

There have been no indications from Powell that he plans to step down despite a barrage of criticism from the Trump administration.

Treasury Secretary Scott Bessent is taking aim at the Federal Reserve and the rules the Fed enforces as a supervisor of big banks. But he doesn't think Fed Chair Jerome Powell should step down immediately.

Treasury Secretary Scott Bessent said Tuesday that embattled Federal Reserve Chair Jerome Powell should finish out his term if he wants. “If he wants to see that through, I think he should. If he wants to leave early,

U.S. Fed Chair Jerome Powell spoke of a need to maintain a "safe, sound and efficient" U.S. banking system while Treasury Secretary Scott Bessent called Powell "good public servant" suggesting he finish his term.