The US Finance Minister Scott Bessent talks to the press on September 15, 2025 on September 15, 2025.
Violeta Santos Moura | Reuters
Steve Bannon, confidante of the White House, has an unusual solution for who should take over the next year as chair of the Federal Reserve, Jerome Powell.
In a podcast interview with Sean Spicer, who acted as press spokesman for the White House during the first term of office of President Donald Trump, Bannon recommended the finance minister Scott Bessent Helm in the central bank and at the same time retained his current position.
“I believe that Scott Bessent should be both the head of the Federal Reserve and the Minister of Finance on a preliminary basis and perhaps survive the interim elections, takes over the Ministry of Finance and takes over the Federal Reserve,” said Bannon for an exhibition that was broadcast on YouTube on Friday at 6 p.m.
Bannon was the chief strategist of the White House during Trump’s first term, but only lasted seven months before the president had released him. However, it is still assumed that it is respected within the administration.
A response from the White House indicates that there is hardly any interest in the proposal.
“There is no such agreement and was never considered by the White House,” said a spokesman.
Although there is no direct historical precedent, the Ministry of Finance served as an ex-officio Board of Governor member before the Fed chairman was created before the 1935 banking law. Janet Yellen then led the Fed the Ministry of Finance, although these conditions were several years apart.
Bessent headed the search for Powell’s successor when the chairman’s term of office runs in May 2026. There are supposedly 11 candidates, of whom Bessent was accepted as one, until he said publicly that he was satisfied with his position at Treasury.
Trump persistently criticized the FED because he did not lower interest rates aggressively.
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