Trump's confidante Steve Bannon says Scott Bessent should run both the Fed and Treasury

Steve Bannon wants Scott Bessent to run the two most powerful economic arms of the ￰0￱ at once — the Federal Reserve and the Treasury ￰1￱ a podcast interview on Friday, Steve told Sean Spicer that Scott should take over from Jerome Powell as Fed chair next year but still stay on as Treasury ￰2￱ episode’s footage was obtained by CNBC’s Eamon Javers. “I am a big believer that on an interim basis, that 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,” Steve ￰3￱ is already heading the search for Powell’s replacement when his term ends in May ￰4￱ was once thought to be a candidate himself, but publicly said he’s fine staying at ￰5￱ hasn’t stopped Steve from pushing the idea ￰6￱ lasted only seven months as Trump’s White House strategist before getting fired.

Still, he’s close to Trump and clearly feels comfortable tossing out these kinds of ￰7￱ White House, on the other hand, isn’t amused. “Such an arrangement is not being and has never been considered by the White House,” a spokesman ￰8￱ idea was immediately shut ￰9￱ House rejects plan as Scott leads search for Powell’s replacement There’s no real example of this happening ￰10￱ the Banking Act of 1935, the Treasury Secretary did sit on the Fed’s board, but the chair role wasn’t created until ￰11￱ Yellen ran the Fed and then the Treasury, but those jobs were years ￰12￱ doing both at once — even if temporary — would break that mold ￰13￱ now, Scott is running the process to find Powell’s ￰14￱ say there are 11 names on the ￰15￱ was once on it too, until he said he wasn’t interested.

Still, Steve thinks Scott should hold both posts until midterms, then leave Treasury and stay on as Fed boss. It’s not clear if anyone else in Trump’s circle supports that ￰16￱ has repeatedly slammed the Fed for not slashing interest rates ￰17￱ wants a Fed that moves fast — his ￰18￱ pressure could be why Steve wants someone loyal like Scott at the ￰19￱ making him do both jobs, even for a few months, would raise serious legal, policy, and political questions. Fed’s Miran dismisses tariff inflation and calls for deeper rate cuts While Steve is pushing personnel moves, Fed Governor Stephen Miran is focused on ￰20￱ voted against the Fed’s decision this week to cut rates by 0.25%.

He wanted a 0.5% cut ￰21￱ on CNBC’s “Money Movers” Friday, Miran said he doesn’t think Trump’s tariffs will cause inflation. “I’m clearly in the minority in not being concerned about inflation from tariffs,” Miran said. “But that was also true in 2018-2019, and I think I probably could take a little victory lap about that.” He said he hasn’t seen any real evidence that tariffs are pushing up prices. “If you thought tariffs are driving inflation higher, you’d think imports would be differentially inflating at a higher pace,” he ￰22￱ also said the difference between inflation in ￰23￱ goods and other countries is tiny.

“If I thought that tariffs were driving any material inflation in the United States, I’d look for evidence,” he ￰24￱ so, the Fed’s own data says inflation is still above 2%, and might not fall back to target until ￰25￱ Miran wanted the Fed to move faster on cutting ￰26￱ rest of the 12-member committee didn’t agree, as Cryptopolitan ￰27￱ your project in front of crypto’s top minds? Feature it in our next industry report, where data meets impact.