The Big Story 

The Treasury secretary said Monday he would accept President Trump’s nomination to replace Fed Chair Jerome Powell, after weeks of speculation.

© Greg Nash

“I will do what the president wants,” he said in a TV interview with Bloomberg News, adding that he was happy with his current position as Treasury secretary.

Multiple names for Powell’s successor have been floated in Washington policy circles.

In addition to Bessent, they include current Fed Governor Christopher Waller, Fed Vice Chair of Supervision Michelle Bowman, White House National Economic Council Director Kevin Hassett and former Fed Governor Kevin Warsh.

Powell’s term as Fed chair ends in May, though his term as a member of the board of governors doesn’t end until 2028.

Tensions between Powell and Trump have been flaring in recent months as Trump has increasingly called for the Fed to cut interest rates, while central bankers, wary of increasing inflation, have kept rates steady.

Welcome to The Hill’s Business & Economy newsletter, I’m Sylvan Lane — covering the intersection of Wall Street and Pennsylvania Avenue.

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Essential Reads 

Key business and economic news with implications this week and beyond:

Trump shares handwritten note to Powell: ‘You have cost the USA A Fortune’

Trump suggests there won’t be a trade deal with Japan

GOP rep: Mamdani capitalism statements ‘insanity to the highest level’

Buying US weapons will help ease trade war: EU leader

Tax Watch 

House GOP fumes over Senate megabill  changes

Moderate Republicans and hardline conservatives in the House are expressing increasing opposition to the Senate’s version of the “big, beautiful bill” just days before the lower chamber is set to consider the legislation, a daunting dynamic for GOP leaders as they race to meet their self-imposed Friday deadline.

The Senate on Monday kicked off the hours-long vote-a-rama with members considering a series of amendments that could make or break support in the lower chamber, including changes to Medicaid cuts, tax provisions and more. The upper chamber is expected to vote on final passage early Tuesday morning.

As House lawmakers anxiously watch the Senate’s deliberations, they are fuming about the state of the legislation.

“On the text chains, on the phone calls, everyone is complaining,” one moderate House Republican, who requested anonymity to discuss the private conversations, told The Hill. “There’s a few little provisions people will say something positive about, but no one is happy with the Senate version.”

“It’s amazing to a lot of us — how did it get so much f—ing worse?” they added.

The Hill’s Mychael Schnell has more here.

Tax Watch is a regular feature focused on the fight over tax reform and extending the 2017 Trump tax cuts this year. Email a tip

In Other News 

Branch out with more stories from the day:

Senate’s long day turns to night as GOP works to shore up support on Trump’s big bill

WASHINGTON (AP) — The Senate’s long day of voting churned toward evening Monday, with Republican …

Good to Know 

Business and economic news we’ve flagged from other outlets:

What Others are Reading 

Top stories on The Hill right now:

House GOP fumes over Senate megabill: ‘How did it get so much f‑‑‑ing worse?’

Moderate Republicans and hard-line conservatives in the House are expressing increasing opposition to the Senate’s version of the “big, beautiful bill” just days before the lower chamber is set to consider the legislation, a daunting dynamic for GOP leaders as they race to meet their … Read more

Live updates: Thune looks to nail down holdouts on Trump megabill

The Senate is more than seven hours into a vote-a-rama on the massive GOP policy legislation dubbed the “big, beautiful bill” after a marathon weekend of adjusting legislation to fit parliamentarian rulings and appease particular senators. Read more

What People Think 

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