If Hassett becomes the chairman of the Federal Reserve, Besent might "unify" the Trump administration's economic policies.
On Thursday, according to media reports citing sources familiar with the matter, aides and allies of the Trump administration are discussing letting Treasury Secretary Besant concurrently lead the White House National Economic Council. If Trump decides to appoint Kevin Hassett as the next Federal Reserve Chair, this arrangement would make Besant the sole leader of Trump’s economic policy.
Sources say that allowing Besant to lead the National Economic Council would enable him to consolidate oversight over Trump administration’s economic policies. Hassett, who currently serves as Director of the National Economic Council, was recently hinted by Trump as the possible next Fed Chair, but final personnel changes have yet to be decided.
If this plan is implemented, Besant would become the chief arbiter of this administration’s economic policy portfolio, with powers spanning both the Treasury and the White House. This would also provide him with an office in the West Wing, physically closer to the President.
White House officials stated that until the President makes an official announcement, any personnel changes should be considered speculation.
Multi-role appointments become custom in Trump administration
Taking on multiple posts has become a hallmark of the Trump administration.
Treasury Secretary Besant already serves as Acting Director of the IRS. If Besant takes on the role at the National Economic Council, it would echo Secretary of State Rubio’s multiple roles—Rubio simultaneously leads the National Security Council, is Acting Archivist of the United States, and, before the agency’s dissolution, was Acting Head of USAID.
It is still unclear whether Trump will continue to appoint senior officials to hold multiple posts, and several senior economic positions in the US government remain vacant or lack permanent leadership.
The National Economic Council oversees all economic issues within the White House, including taxes, healthcare, and energy, and acts as a key coordinator of these policies across the federal government. However, under Trump’s second term, the Council’s role has diminished, with less involvement in policy-making than in previous administrations. Hassett has primarily acted as an advocate for Trump’s policies, frequently giving public speeches and appearing on TV programs.
Federal Reserve Chair Nominee “Emerging”
Trump said that a decision has already been made regarding the candidate for Federal Reserve Chair, narrowing a list of around ten candidates to one, and called Hassett a “potential Fed Chair,” though said he would formally announce it in early 2026.
“He’s a respected person, I can tell you that. Thank you, Kevin,” Trump said on Tuesday.
Other candidates for central bank chair include Federal Reserve Governors Christopher Waller and Michelle Bowman, former Federal Reserve Governor Kevin Warsh, and Rick Rieder of BlackRock.
The nomination of Federal Reserve Chair and Governors generally represents the most direct way the President can influence the central bank. Trump has openly criticized the Fed for lowering rates too slowly and spending excessively on campus renovations.
No matter who Trump selects as Federal Reserve Chair, the nominee would need Senate confirmation for the chair’s position—and if not already a governor, for the board position as well. The National Economic Council position does not require Senate approval.
However, Trump is known for making unexpected personnel decisions, meaning any potential changes involving Hassett or Besant are not final until officially announced.
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