Treasury Secretary Scott Bessent told lawmakers he would like to remain in his seat until 2029, but he did not dismiss the possibility of becoming the next chair of the Federal Reserve.
He was asked in an appearance before the House Ways and Means Committee if he would rather be Fed chair or Treasury secretary — a possible reference to a media report that his name is now being circulated as a possible replacement for Jerome Powell once Powell’s term as chair of the Fed expires next May.
Bessent said he has “the best job” in Washington and is “happy to do what President Trump wants me to do,” while noting that “I would like to stay in my seat through 2029” to help carry out the administration’s agenda.
The Treasury secretary spent most of his day taking questions from lawmakers on everything from tariffs to Trump’s “big, beautiful bill’ now being considered by the Senate after getting through the House.
He arrived in Washington on what he says was three hours of sleep following an overnight flight from London, where he helped negotiate a framework between the US and China designed to ease trade relations between the world’s two largest economies.
The specifics of the deal, which still needs final approval from Trump and Chinese President Xi Jinping, are still not clear.
Bessent was pressed on that point and said “we are in the midst of constructing it,” adding that “it will be a much longer process.”
He was asked about what to expect from talks with other countries that had higher “Liberation Day” tariffs paused for 90 days so that negotiations could commence. Those 90 days are due to expire in early July.
Read more: The latest news and updates on Trump’s tariffs
Bessent made it sound as if that 90-day pause could be extended, saying there are 18 important trading partners and if they are negotiating in good faith it is “highly likely” that “we will roll the date forward to continue good-faith negotiations.”
“If someone is not negotiating, then we will not,” he added.
Democrats also pressured Bessent repeatedly on whether the “big, beautiful bill” would add to US debt problems.
“Will it add to the national debt?” asked Rep. Terri Sewell (D-Ala.). Bessent said, “It remains to be seen.”
Rep. Sewell brought up the fact that Congressional Budget Office said this bill would add $2.4 trillion to the deficit.
Bessent countered by saying CBO also said new tariff income would be $2.8 trillion.
“You are quoting the CBO; I am quoting the CBO. So let’s level set.”
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