Becent: There is currently no reason to remove Powell from the position of Fed Chairman.

On July 22, Jin10 reported that U.S. Treasury Secretary Basent publicly supported Fed Chairman Powell amidst frequent criticisms from Trump administration officials, stating he sees no reason for him to step down at this time. In an interview with Fox Business Channel on Tuesday, Basent said, "There are no signs that he should resign now; his term ends in May next year. If he wants to stick it out, I think he should do so. If he wants to leave early, I think that's fine too." For months, Powell has faced criticism from Trump for leading the Fed to keep interest rates unchanged, concerned about the inflationary impact of increased tariffs by the government. This month, some Republicans also raised objections to a costly Fed building renovation plan proposed to Bernanke. On Monday, Basent called for an internal review of the Fed's non-monetary activities, including the renovation project. Basent stated, "There is a real opportunity for him now, and it is part of his legacy—rationalizing the Fed's non-monetary policy functions."