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.

President Donald Trump said Scott Bessent was an option to replace Jerome Powell as head of the Federal Reserve, but suggested the Treasury secretary was not the leading candidate because of his success in his current role.

Donald Trump's tariff threats and rising tensions between Washington and BRICS countries look set to overshadow this week's meeting of G20 finance chiefs in Durban, South Africa.