Treasury Secretary Bessent Discusses Federal Reserve and Saudi Investments

In a recent interview on Special Report, Treasury Secretary Scott Bessent made it clear that he’s not aiming for the role of Federal Reserve chairman. Instead, he plans to suggest another candidate and share his perspective on the selection process.

“I can tell you without a doubt that I won’t be the Fed chairman,” Bessent told Bret Baier, the chief political anchor at Fox News. He went on to express his belief that President Trump could excel in that role, citing his understanding of monetary policy.

Bessent was initially appointed by President Trump as Treasury Secretary in January and later took on the role of acting commissioner of the Internal Revenue Service. Trump has often criticized the current Fed Chairman, Jerome Powell, and has shown a preference for Bessent to step into the Fed leadership—a prospect the secretary has consistently declined.

On Tuesday, Trump mentioned in the Oval Office, “I think I already know my choice. I liked him. [Bessent] but he has no intention of taking the job—he refuses. You prefer the Treasury Department, right?” Bessent reiterated his commitment to staying in his current position and shared an update on the Fed’s candidate selection process.

“We’re going through another round of interviews,” he noted. “Some folks in the White House will be interviewed. The president will meet with the final three candidates around mid-December, likely shortly after Thanksgiving, and we hope to have a decision by Christmas.”

Saudi Crown Prince Commits to Major U.S. Investment

During a high-profile meeting in the Oval Office on Tuesday, Bessent was present when Saudi Arabia’s Crown Prince Mohammed bin Salman announced plans to invest nearly $1 trillion into the U.S. economy over the coming year.

Bessent credited Trump for being “in top form” during this significant visit, stating, “An investment like you’ve never seen before.” He contrasted this with the Biden administration’s investment strategy, claiming that Trump’s administration is making standalone investments that surpass what the previous administration accomplished in a year.

He highlighted three key factors that are drawing Saudi investment: the military relationship (notably the purchase of the F-35), the strength of the U.S. economy and the dollar’s reserve currency status, and the country’s technological innovations.

Bessent noted how evident these factors were during his recent visit to Saudi Arabia, including the impressive display of military overflights. Meanwhile, President Trump was set to host the crown prince for a dinner later that evening at the White House.