Treasury Secretary Bessent Hires Wall Street Veteran Zervos as Counselor

Treasury Secretary Scott Bessent has brought on Wall Street veteran David Zervos as a counselor in the Treasury Department. Zervos, a former chief market strategist at Jefferies and strong contender to lead the Federal Reserve, will take on a broad advisory role starting immediately.

Zervos is known for his previous work as a contributor on CNBC and has expressed support for Bessent's recent strategy to increase buybacks of some long-term Treasury debt. He has also urged for a reduction in interest rates set by the Federal Reserve, stating they should be 'much lower.'

This appointment comes at a time of significant turnover within the Treasury Department, with seven of 16 Senate-confirmed appointments having departed as of mid-August. Zervos's role does not require Senate confirmation and will serve as a special government employee, allowing him to bypass some divestiture requirements.