Steve Bannon floats idea of Bessent running both Treasury and the Fed
White House Confidante Steve Bannon Suggests Unorthodox Approach for Next Federal Reserve Chair
U.S. Treasury Secretary Scott Bessent speaks to the press, on the day of U.S.-China talks on trade, economic and national security issues, in Madrid, Spain, September 15, 2025.
Violeta Santos Moura | Reuters
Former White House strategist Steve Bannon has put forth a unique proposal for the next Federal Reserve Chair, suggesting that Treasury Secretary Scott Bessent should take on both roles simultaneously.
In a recent podcast interview with former White House press secretary Sean Spicer, Bannon voiced his belief that Bessent could effectively lead both the Federal Reserve and the Treasury Department, at least temporarily.
“I am a big believer that on an interim basis, Scott Bessent should be both the head of the Federal Reserve and the secretary of Treasury, and maybe get through the midterm elections, step down at Treasury and take over the Federal Reserve,” Bannon stated.
While this unconventional suggestion may raise eyebrows, it is important to note that historically, the Treasury chief did serve as a member of the Federal Reserve’s Board of Governors before the position of Fed chair was established.
Currently, Bessent is leading the search for Jerome Powell’s successor as Federal Reserve Chair, with Powell’s term set to expire in May 2026. Despite being considered as a potential candidate, Bessent has publicly stated that he is satisfied with his current role at the Treasury.
It is worth mentioning that the White House has swiftly dismissed any notion of considering Bannon’s proposed arrangement, emphasizing that it has never been on the table for discussion.
President Donald Trump, who has been vocal in his criticism of the Federal Reserve’s interest rate policies, is likely to have a significant influence on the selection of the next Fed chair.
