Bessant: There is no reason to let Powell step down as Fed chairman

PANews reported on July 22 that U.S. Treasury Secretary Benson publicly supported Federal Reserve Chairman Powell amid frequent attacks from Trump administration officials, saying he saw no reason to let him step down at this time. "There is no indication that he should resign now, and his term will end in May next year," Benson said in an interview with Fox Business Channel on Tuesday. "If he wants to stick to it, I think he should do it. If he wants to leave early, I think he can." For months, Powell has been criticized by Trump because he led the Federal Reserve to keep interest rates unchanged and was worried about the inflationary impact of the government's tariff hikes. This month, several Republicans also questioned the expensive renovation project of the Federal Reserve building. On Monday, Benson called for an internal review of the Fed's non-monetary activities, including renovation projects. Benson said: "There is a real opportunity for him now, and that is where his legacy lies - to rationalize the non-monetary policy functions of the Federal Reserve."