Besser tried to dissuade Trump from taking pictures Powell: WSJ

Scott Bessent, US Finance Minister, During a Bloomberg television interview in New York, USA, on Monday, June 30, 2025.

Victor J. Blue | Bloomberg | Getty pictures

Finance Minister Scott Bessent recently asked President Donald Trump not to dismiss the finance minister Jerome Powell, and, according to a new report by Wall Street Journal, warned of a new report by Wall Street Journal of the potential economic, political and legal consequences of such a move.

According to Bessent, Bessent said that the removal of Powell would have a negative reaction to the financial markets before his term in the next spring and that the central bank could push into unknown legal and political territory, reports the magazine in which people are familiar with the matter.

He also argued that the Fed seems to be ready to reduce interest rates this year, which makes it unnecessary to remove Powell, said the journal.

Beselted comments on Trump mark a departure from the other top allies of the President, some of whom have strengthened their public criticism of Powell in the past few weeks.

Read more CNBC policy reporting

Powell has long been a goal of Trump, and the president has criticized Powell several times because he did not reduce the short -term interest rates.

However, the criticisms have escalated in the past few weeks, and the Top officials of the Trump government have started the 2.5 billion dollar -renovation project of the central bank.

Russell Vouht from White House Office of Management and Household Director has accused Powell of “roughly abused” the Fed, which indicates the cost crossing of the renovation project.

VOUGHT also asked Powell a number of questions about the renovation project to which Powell answered this week.

“The board believes that it is of the utmost importance to offer transparency for our decisions and to be responsible for the public,” wrote Powell.

Removing Powell before his term of office expired, which would be an unprecedented move, would probably trigger a legal collision that could occur at the U.S. Supreme Court.

The Department of the White House or the Ministry of Finance did not immediately respond to CNBC's request for a comment on the Wall Street Journal Report.