U.S. Treasury Secretary Scott Bessent praised President Donald Trump’s understanding of the economy during an interview on Fox News, even going so far as to suggest that Trump himself would be a strong pick to lead the Federal Reserve.
“President Trump would make a great Fed chair,” Bessent said.
“He has an open mind. He understands monetary policy better than a lot of people on the Fed.”
His comments came as the administration looks to name a new Federal Reserve chair by the end of the year.
Bessent confirmed that the shortlist of candidates has been narrowed from 11 to 5, with final interviews expected to happen in December.
Praise Amid Public Discontent
The remarks came during a wide-ranging conversation that also covered the economy, U.S.-Saudi relations, and Trump’s broader economic agenda.
Bessent touted the president’s recent agreement with Saudi Crown Prince Mohammed bin Salman, claiming it would boost Saudi investment in the U.S. from $600 billion to $1 trillion.
He pointed to U.S. military strength, the dollar’s reserve currency status, and American tech innovation as the key drivers behind that investment.
“The U.S. is a premier destination in the world,” Bessent said.
But while the administration has tried to highlight these deals as economic wins, public sentiment paints a different picture.
A recent Pew Research Center survey found that 74% of Americans rate the economy as only fair or poor, with just 26% saying it is excellent or good.
Partisan divisions are stark: 44% of Republicans give the economy high marks, compared to just 10% of Democrats.
Trump Faces Growing Criticism on the Economy
Economic anxiety is showing up across multiple polls. Even Fox News had to admit this in its latest national survey, which found that 76% of voters view the economy negatively, with large majorities saying their costs for essentials like groceries, housing, and healthcare have risen.
More than 60% of voters said President Trump’s policies have made things worse.
Even among Republicans, support is slipping. The Fox poll showed Trump’s job approval at 41%, down from earlier in the year.
His approval rating on handling the economy is now at a record low, with a majority saying his policies have done more harm than good.
About 42% of Republicans now say Trump bears responsibility for current economic conditions.
Voters are also frustrated with how both parties in Congress and the White House handled the recent government shutdown.
Nearly two-thirds disapproved of everyone involved, including Trump.
New Proposals and Unclear Solutions
Asked whether a proposed $2,000 tariff dividend check would be inflationary, Bessent didn’t give a clear answer but floated a new idea: creating stock market accounts for every American child born over the next three years.
The accounts, he said, would be locked until age 18 and aim to build financial literacy and give younger generations a stake in the economy.
The administration has also floated additional cuts to interest rates and hinted at stimulus measures, though these proposals come amid widespread concern about affordability and rising debt.
Bessent attempted to shift blame for current inflation, saying Democrats “caused it” through “massive government spending” during the Biden administration.
But Fox News polling shows that the public is holding Trump and both parties in Congress accountable.
A Divided Electorate
According to the Fox News poll, both major parties are suffering from low favorability.
Just 39% of voters have a positive view of either the Republican or Democratic Party. And only 40% have a favorable opinion of Trump, down from 50% earlier this year.
Senate Minority Leader Chuck Schumer saw the biggest drop, with only 22% of voters now viewing him favorably. Among Democrats, support for Schumer fell from 51% in January to 38%.
Voters also believe their leaders don’t care about ordinary people. Around 6 in 10 say that applies to both parties in Congress and to Trump himself.
“People are struggling to afford necessities and blaming those in charge,” said Republican pollster Daron Shaw, who helped conduct the Fox News survey.
“What’s interesting is watching Democrats gain politically from a problem they arguably caused — and that crushed them in 2024. But that’s politics.”
Looking Ahead
With economic frustration mounting and voters feeling squeezed, Bessent’s bold suggestion that Trump would make a strong Fed chair may energize some of the base.
But with most Americans still feeling the pinch of higher costs, it remains to be seen whether that sentiment will resonate beyond core supporters.
The White House is expected to name a new Fed chair by Christmas. Whether that decision helps stabilize public opinion on the economy remains unclear.
IMAGE CREDIT: “President Donald Trump” by Gage Skidmore, via Flickr. Licensed under CC BY-SA 2.0. Image adjusted for layout.