AsianFin -- U.S. Treasury Secretary Scott Bessent said the next Federal Reserve chair should be capable of reviewing the entire organization, warning that the central bank’s expanding mission beyond monetary policy risks undermining its independence, Nikkei reported.

The successor to Jerome Powell must have market credibility, strong analytical skills, and a forward-looking mindset rather than relying on historical data, Bessent said in an Aug. 7 interview in Washington.

A source told Reuters that Bessent is overseeing the search for Powell’s replacement, with candidates including a veteran economic consultant and a former regional Fed president.