Treasury Secretary Scott Bessent confirmed he’s not seeking the Federal Reserve chair role and praised President Trump after Saudi Arabia pledged nearly $1 trillion in U.S. investments.

This marks the first time the president has disclosed that Bessent has pushed for Fed Chairman Jerome Powell not to lose his job.

WASHINGTON (AP) — For the second time in two days, President Donald Trump said Wednesday that he would like to appoint Treasury Secretary Scott Bessent to chair the Federal Reserve. Yet Bessent keeps saying he doesn’t want the job, Trump added, in comments to the U.S.-Saudi Investment Forum.

Treasury Secretary Scott Bessent tried taking his flattery to new heights Tuesday—by pitching a demotion for President Donald Trump. Bessent, 63, told Bret Baier on Fox News’ Special Report that he was officially out of the running to replace Jerome Powell as Federal Reserve chair,

Treasury Secretary Scott Bessent tried taking his flattery to new heights Tuesday—by pitching a demotion for President Donald Trump. Bessent, 63, told Bret Baier on Fox News’ Special Report that he was officially out of the running to replace Jerome Powell as Federal Reserve chair, before floating Trump, 79, for the job.