If Hassett becomes the Chairman of the Federal Reserve, Bessent may "unify" the economic policies of the Trump administration

On Thursday, according to media reports citing informed sources, aides and allies of the Trump administration are discussing the possibility of Treasury Secretary Mnuchin simultaneously leading the White House National Economic Council. If Trump decides to appoint Kevin Hassett as the next Federal Reserve Chairman, this arrangement would make Mnuchin the sole architect of Trump's economic policy.

Informed sources stated that having Mnuchin lead the National Economic Council would allow him to consolidate oversight of the Trump administration's economic policies. Currently, Hassett, who serves as the director of the National Economic Council, has recently been suggested by Trump to become the next Federal Reserve Chairman, but the final personnel changes have yet to be confirmed.

If this plan is implemented, Mnuchin would become the chief arbiter of the economic policy framework of this administration, with authority spanning both the Treasury Department and the White House. This would also provide him with an office in the West Wing, bringing him physically closer to the President.

White House officials indicated that any personnel changes should be regarded as speculation until the President makes an official announcement.

"Multiple Roles" Becoming the Norm in Trump Administration

In the Trump administration, holding multiple positions has become a hallmark feature.

Treasury Secretary Mnuchin currently also serves as the acting head of the IRS. If Mnuchin takes on the role of the National Economic Council, it would echo Secretary of State Rubio's multiple roles—Rubio simultaneously leads the National Security Council, serves as the acting head of the National Archives, and held the acting head position of the U.S. Agency for International Development before it was abolished.

It remains unclear whether Trump will continue to appoint senior officials to hold multiple roles, as several senior economic positions within the U.S. government are currently vacant or lack permanent leadership.

The National Economic Council is responsible for all economic issues in the White House, including taxation, healthcare, and energy, and acts as a key coordinator of these policies across the federal government. However, during Trump's second term, the role of this agency has diminished, participating less in policy formulation compared to previous administrations. Hassett primarily serves as an advocate for Trump's policies, frequently giving public speeches and appearing on television programs.

Candidates for Federal Reserve Chairman "Emerging"

Trump has stated that he has made a decision on the Federal Reserve Chairman candidate, narrowing the list of about ten candidates down to one, and referred to Hassett as a "potential Federal Reserve Chairman," but indicated that he would wait until early 2026 to make an official announcement.

"He is a respected person, I can tell you that. Thank you, Kevin," Trump said on Tuesday.

Other candidates for the central bank chairman include Federal Reserve Governor Christopher Waller and Michelle Bowman, former Federal Reserve Governor Kevin Warsh, and BlackRock's Rick Rieder.

Nominations for the Federal Reserve Chairman and Governors typically represent the most direct way for the President to influence the central bank. Trump has been outspoken in criticizing the Federal Reserve for its slow pace of interest rate cuts and excessive spending on park renovations.

Regardless of whom Trump chooses to serve as Federal Reserve Chairman, that individual will need to receive Senate confirmation for the chairman position, and if they have not previously served as a Governor, they will also need confirmation for the Governor position. The National Economic Council position does not require Senate approval However, Trump is known for his unexpected personnel decisions, which means that any potential changes involving Hassett or Bessenet are not considered finalized until publicly announced.