Opinion: Regardless of who succeeds as Federal Reserve Chairman, the Treasury Secretary is the true power holder.

According to Mars Finance on December 15th, market analyst Gabriel Rubin analyzed that US Treasury Secretary Bessant's tight control over the selection process for the next Federal Reserve Chairman means that whoever wins the position will effectively control the Fed. According to government statements, Bessant's selection criteria for Powell's successor are clear: any regulatory agenda must be aligned with the White House; interest rates should be significantly lowered because concerns about tariff-induced inflation have been exaggerated; and the issuance and management of government debt should be the responsibility of the Treasury Department, not the Fed. Gabriel Rubin believes that the US will inevitably face another economic or financial crisis sooner or later. A Fed with compromised independence means that when a crisis occurs, more power will be concentrated in the hands of the government. Central banks need public trust and approval to control inflation and ensure healthy credit. These are things the Trump administration's Treasury Department cannot provide.