Treasury Secretary Scott Bessent has appointed David Zervos, the longtime chief market strategist at Jefferies and former CNBC contributor, as a counselor in a previously unreported move. Zervos will serve in a broad advisory capacity and is expected to begin immediately, according to a statement from Bessent released on September 28, 2026 [1]. The position does not require Senate confirmation [1].
Zervos is known for supporting Bessent's recent decision to increase buybacks of some long-term Treasury debt and has publicly advocated for lower interest rates from the Federal Reserve. In a brief interview, Zervos described himself as a "Wall Street geek" and expressed enthusiasm for his third stint in government, praising Bessent's leadership during periods of economic turmoil, including trade and war challenges [1].
The appointment comes after notable staff turnover at the Treasury Department, with seven of the department's 16 Senate-confirmed appointees having departed as of mid-August, and Bessent now on his third chief of staff since January 2025. Zervos will follow Joseph Lavorgna, another Wall Street economist, who previously served as counselor before leaving in March [1].
Zervos, who holds a doctorate in economics and has worked at Jefferies since 2010, has also had two prior stints at the Federal Reserve. He was considered by President Donald Trump to run the Federal Reserve, but the position ultimately went to Kevin Warsh in January. Zervos will serve as a special government employee, which allows him to avoid certain divestiture requirements but limits the length of his term, expected to end in April 2027 [1].
Zervos has advocated for "much lower" interest rates and has supported reducing the Fed's balance sheet as a means to achieve this, aligning with Warsh's priorities. The Federal Reserve raised interest rates earlier this month for the first time since 2023, a move that has drawn criticism from some economists, including Zervos [1].
CONCLUSION
The appointment of David Zervos as counselor to Treasury Secretary Scott Bessent brings a prominent Wall Street economist and advocate for lower interest rates into the administration during a period of significant staff turnover. Zervos's views on monetary policy and Treasury buybacks could influence future policy direction, especially as the Federal Reserve's recent rate hike has sparked debate among economic advisors.