Trump ally Steve Bannon suggests Treasury Secretary double as chairman of the Federal Reserve, White House quickly denies.

On Friday, former White House Chief Strategist and close ally of President Trump, Steve Bannon, proposed a controversial suggestion that the current Treasury Secretary, Steven Mnuchin, should concurrently serve as the Chairman of the Federal Reserve after Jerome Powell's term ends next year, at least until the mid-term elections to achieve a "dual-role" leadership. In an interview with former White House press secretary Sean Spicer's podcast, Bannon stated, "I firmly believe that in the transition period, Mnuchin should simultaneously hold the positions of Treasury Secretary and Chairman of the Federal Reserve. After the mid-term elections, he should then step down as Treasury Secretary to focus on leading the Federal Reserve." Bannon previously served as White House Chief Strategist during Trump's first term, but was dismissed after only seven months. However, he still holds some influence within Trump's circle, and is seen as one of the key advisors. In response to Bannon's suggestion, a White House spokesperson made it clear that such an arrangement "has never been considered and will not be considered." "There is no such plan, and the White House has never discussed such a proposal," the spokesperson emphasized. Historically, there is almost no direct precedent for an individual holding both the positions of Treasury Secretary and Chairman of the Federal Reserve. Before the implementation of the Banking Act of 1935, the Treasury Secretary was an ex officio member of the Federal Reserve Board, but did not concurrently control both institutions. In recent years, Janet Yellen has served as both Chairman of the Federal Reserve and Treasury Secretary, but with several years in between, not overlapping terms. The current Federal Reserve Chairman Jerome Powell's term is set to expire in May 2026. Mnuchin is currently responsible for finding a suitable successor, with a reported list of 11 candidates, including Mnuchin himself initially being considered a potential candidate. However, Mnuchin has publicly stated that he is "satisfied with the current position of Treasury Secretary" and has no intention of transferring to Chairman of the Federal Reserve.