US Treasury Secretary Scott Bescent spoke to the press on September 15, 2025 in Madrid, Spain, on the day of US-China consultations on trade, economic and national security issues.
Violeta Santos Moura |Reuters
White House best friend Steve Bannon has an unusual solution as Federal Reserve Chair Jerome Powell next year.
In a podcast interview with Sean Spicer, who served as White House press secretary during President Donald Trump’s first term, Bannon recommended that Treasury Secretary Scott Bescent lead the central bank.
“Interim, I am very much convinced that Scott Bescent should be both the Federal Reserve Chief and the Treasury Secretary, and perhaps he should get past the midterm elections.
Bannon was the White House chief strategist during Trump’s first term, but continued just seven months before the president fired him. However, he is still considered to be respected within the administration.
The White House response shows little interest in the proposal.
“This arrangement has not been present by the White House and has never been considered,” the spokesman said.
Although there is no direct historical precedent, prior to the Banking Act of 1935, the Treasury Chief served as a former member of the Civil Service Committee before the establishment of the Fed Chair. Janet Yellen led the Fed and then the Treasury Department, but those conditions were apart for a few years.
Bessent has led the search for Powell’s successor in May 2026 when the chairman’s term expired. There are reportedly 11 candidates.
Trump has been permanently critical of the Fed because he has not actively lowered interest rates.
