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.

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.

President Donald Trump said on Tuesday that Treasury Secretary Scott Bessent could be a candidate to replace Federal Reserve Chairman Jerome Powell, but suggested that might not happen.