Headline: Treasury Secretary Bessent Leads Charge on Fed Leadership, Japan Tariff Talks

Scott Bessent, currently serving as United States Secretary of the Treasury, has been at the center of several major developments over the past few days, according to multiple reports from Bloomberg, The Mortgage Point, and Jiji Press. Most notably, Secretary Bessent confirmed in an interview with Bloomberg Surveillance that a formal process is now underway to identify a successor to Federal Reserve Chairman Jerome Powell. Bessent stated there are many strong candidates both inside and outside the Federal Reserve, though he declined to comment on whether he is under consideration himself. He added that it would be confusing for Powell to remain at the Fed after his term as chair ends, though President Trump has repeatedly said he does not plan to fire Powell, according to The Mortgage Point.

While President Trump, speaking to Bloomberg, described Bessent as a very good candidate for Fed chair, he also indicated that Bessent is not the top contender at the moment and is well-suited to his current role as Treasury Secretary. Bessent has emerged as a possible candidate for Fed chair, alongside National Economic Council Director Kevin Hassett. There is no legal barrier preventing the Treasury Secretary from also leading the Federal Reserve, but such a move would be unprecedented in modern US history, as reported by The Mortgage Point.

On the international front, Bessent is leading a high-profile delegation to Japan, where he is scheduled to meet with Japanese Prime Minister Shigeru Ishiba on Friday, according to Jiji Press. The meeting comes at a critical moment, just before Japan’s House of Councillors election and ahead of a Washington-imposed deadline for new reciprocal tariffs set to take effect August 1. Prime Minister Ishiba is expected to press for a breakthrough in tariff negotiations, aiming to secure a mutually beneficial deal. Bessent is visiting Japan to attend the United States national day event at the World Expo in Osaka on Saturday.

Domestically, Secretary Bessent has been vocal in supporting the recently passed One Big Beautiful Bill, which delivers significant tax relief to low- and middle-income seniors, including a six thousand dollar bonus exemption that could offset federal taxes on

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