Scott Bessent, before assuming his role as the Treasury Secretary, spent his career in finance, working for macro investment billionaire George Soros and noted short seller Jim Chanos, as well as running his own hedge fund.

Treasury Secretary Scott Bessent said Tuesday that a “formal process” to find a successor for Federal Reserve Chair Jerome Powell has already started — as the Trump administration ratchets up pressure for the top central banker to step aside before his term ends.

U.S. Treasury Secretary Scott Bessent, in an interview on Bloomberg Surveillance on Tuesday, said that a "formal process" is already starting to identify a potential successor to Federal Reserve Chairman Jerome Powell.