Bessent Under Discussion to Also Lead National Economic Council

(Bloomberg) — Donald Trump’s aides and allies are discussing the possibility of making Treasury Secretary Scott Bessent the top White House economic adviser — in addition to his current job — should the president pick Kevin Hassett as the next chair of the Federal Reserve, according to people familiar with the matter.

Tapping Bessent to lead the White House’s National Economic Council would allow him to consolidate oversight of Trump’s economic policies if Hassett — the current NEC director — becomes the next leader of the US central bank, an announcement Trump has hinted at in recent days. The people spoke on the condition of anonymity to discuss potential moves that have not been finalized.

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If Bessent is also named to the NEC, he would become the chief arbiter of the administration’s economic portfolio spanning the purview of both the Treasury Department and White House. It would also give Bessent a West Wing office, granting him even more physical proximity to the president.

A White House official said any personnel changes should be considered speculation until announced by the president. A representative for the Treasury Department did not respond to a request for comment.

Trump is known to make surprise personnel decisions, meaning that any potential moves for Hassett or Bessent aren’t final until they’re made public.

Still, having multiple titles is a hallmark in the Trump administration. The Treasury secretary is also already serving as the acting Internal Revenue Service commissioner. Having Bessent take on the NEC role would mirror Secretary of State Marco Rubio’s multi-faceted job. Rubio also leads the National Security Council, serves as the acting archivist of the United States and was the acting head of the US Agency for International Development before it was abolished.

It’s not clear if Trump will want to continue to appoint senior people to multiple roles. Several top economic jobs within the administration are currently unfilled or without permanent leadership.

Earlier: Trump’s Economy Team Is Short Some Key Players Amid Staff Churn

The National Economic Council works on all economic issues out of the White House including taxes, health care and energy and serves as a key policy coordinator for those ideas and plans across the federal government.

But the NEC has played a diminished role in Trump’s second term, with the office focusing less on developing policy than was the case under prior presidents. Hassett has largely served as an advocate for Trump’s policies, giving public speeches and routinely appearing on TV.

Trump said he’s made his decision on a Fed pick, narrowing a list of roughly 10 candidates down to one. The president called Hassett a “potential Fed chair,” but also said he would wait until early 2026 to make an official announcement.

“He’s a respected person that I can tell you. Thank you, Kevin,” Trump said on Tuesday.

Other finalists for central bank chair have included Fed Governors Christopher Waller and Michelle Bowman, former Fed Governor Kevin Warsh and BlackRock’s Rick Rieder.

Fed chair and governor picks typically represent the most direct way for presidents to influence the central bank. Trump has been vocal in criticizing the Fed for moving too slowly to cut borrowing costs and for expensive renovations of its campus.

Whomever Trump picks for Fed will require Senate confirmation as chair, and to the board itself if they’re not already a governor. The NEC job does not require Senate approval.

–With assistance from Catherine Lucey.

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