Steve Bannon Proposes Bold Leadership Move: Can Scott Bessent Lead Both Treasury and the Fed?
Steve Bannon Proposes Dual Role for Scott Bessent as Treasury Secretary and Federal Reserve Chair
Steve Bannon, a close White House aide and former chief strategist under President Donald Trump, has set out a new idea. He wants Scott Bessent to serve as both the U.S. Treasury Secretary and the head of the Federal Reserve at the same time. This idea was raised during a podcast chat with Sean Spicer, who worked as President Trump’s press secretary during his first term.
Bannon’s Unusual Idea
Bannon wants Bessent to keep his current job at the Treasury while also leading the Federal Reserve for a short period. On a podcast scheduled for 6 p.m. Friday on YouTube, Bannon said:
“I am a strong believer that on a temporary basis, Scott Bessent should be both the leader of the Federal Reserve and the Treasury secretary, and then step down from Treasury after the midterm elections to fully take over the Fed.”
No modern leader has ever held both roles at once. In the past, before the Banking Act of 1935 set up how the Fed works today, the Treasury Secretary held a seat on the Fed’s Board of Governors by default. But having one person head both key financial bodies is new and untested today.
Reaction from the White House
Even though Bannon has some sway in parts of the administration, the White House did not accept the idea. A spokesperson said:
“Such an arrangement is not being and has never been considered by the White House.”
This statement makes clear that officials have no plan to give Bessent both roles.
Context on Scott Bessent and Fed Leadership
Scott Bessent is now the U.S. Treasury Secretary. He also plays a part in finding a new leader for the Federal Reserve as Jerome Powell’s term ends in May 2026. Reports note that about 11 candidates are being examined for the Fed Chair role. Bessent was once mentioned as a possible candidate, but he has shown that he is happy in his current job at the Treasury.
The top job at the Federal Reserve is very important. The person in charge sets the rules for money and credit, which affect growth, prices, and jobs. Jerome Powell has faced criticism from former President Trump over how the Fed handles interest rates.
Historical Note and Examples
There is no current case where one person runs both the Treasury and the Fed at the same time. Janet Yellen once led the Fed and later became Treasury Secretary, but she did so in different periods. Bannon’s plan would bring both roles together at once.
Summary
- Steve Bannon suggests that Treasury Secretary Scott Bessent should hold both Treasury and Federal Reserve roles temporarily.
- The White House quickly dismisses this plan.
- No recent example shows one person in charge of both agencies at once.
- Bessent helps with the Fed Chair search, yet he focuses on his Treasury work.
- Jerome Powell’s term as Fed Chair ends in May 2026 amid high political and economic scrutiny.
Bannon’s idea is unlikely to move forward, but it adds to the talk about who will lead the Federal Reserve and guide U.S. economic policy as the nation gets closer to the midterm elections.
Stay tuned to CNBC and other trusted financial news sources for updates on the Fed Chair search and U.S. economic leadership.
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