Bannon Proposes Dual Role for Scott Bessent as Fed Chair and Treasury Secretary, White House Rejects Idea

Steve Bannon, former WHITE House strategist and confidante to Donald Trump, has floated an unconventional proposal during a podcast interview. He suggested Scott Bessent—currently leading the search for Jerome Powell's successor as Federal Reserve Chair—should simultaneously hold both the Fed chairmanship and Treasury Secretary roles. "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," Bannon stated, framing the idea as a temporary measure through the midterm elections.

The White House swiftly dismissed the notion. A spokesman emphasized that such an arrangement "is not being and has never been considered." Historically, no individual has held both positions concurrently, though Treasury Secretaries did sit on the Fed's board prior to the 1935 Banking Act.

Bessent, who has publicly expressed contentment in his Treasury role, remains at the center of speculation as Powell's term approaches its May 2026 expiration. Bannon's advocacy underscores his continued influence in Trump's orbit despite his brief seven-month tenure in the administration.