Steve Bannon floats idea of Bessent running both Treasury and the Fed

White House confidante Steve Bannon has an unusual solution for who should take over 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 Bessent helm the central bank — while also keeping his current position.

“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,” Bannon said for a show that will be aired at 6 p.m. Friday on YouTube, footage of which was obtained by CNBC’s Eamon Javers.

Bannon was chief White House strategist during Trump’s first term but lasted just seven months before the president fired him. However, he is still thought to be respected within the administration.

A White House response indicates there’s little if any interest in the proposal.