U.S. Treasury Secretary Benson: Powell should leave the Fed Board when he leaves the Fed in 2026

Planet Daily News: U.S. Treasury Secretary Besent suggested that Federal Reserve Chairman Powell should resign from the Federal Reserve Board when his chairmanship term ends in May 2026. Besent stated on Tuesday: "Traditionally, the Fed Chairman also resigns from the board upon leaving office. There have been discussions about a 'shadow Fed chairman' potentially causing confusion before formal nomination. I can clearly say that if the former Fed chairman remains on the board, it could be very confusing for the market." Powell's term as a Fed board member runs until January 2028, which means he could potentially remain at the Federal Reserve and participate in monetary policy decisions even after his chairmanship ends next May. Powell has repeatedly avoided responding to whether he will continue to serve as a board member. This silence complicates the decision-making process for President Trump and his assistants when adjusting the Fed leadership next year. Besent also said: "The formal process for determining the next Fed chairman nomination has been initiated, with many excellent candidates both inside and outside the Federal Reserve." (Golden Ten)