President Donald Trump is weighing a significant economic policy shake-up that would consolidate power under Treasury Secretary Scott Bessent, according to a Bloomberg report Thursday. The plan would kick into gear if Trump follows through on naming Kevin Hassett as the next Chairman of the Federal Reserve.

Adding to Bessent's Portfolio

Here's how it would work: Bessent would take on the role of Director of the National Economic Council (NEC), effectively becoming the administration's chief economic strategist while keeping his day job running the Treasury Department. That's a substantial concentration of economic policy authority in one person's hands.

Market commentator The Kobeissi Letter captured the mood on X, writing: "A new era of financial policy is coming."

The potential appointment could reshape U.S. financial policy considerably, particularly as the Fed prepares for a leadership transition and potential shifts in monetary policy direction. The White House hasn't commented on the report.

Who Is Scott Bessent?

Bessent already has plenty on his plate as Treasury Secretary, where he leads the charge on fiscal policy, trade negotiations, tariff implementation, and other core economic initiatives. His background includes a stint as a partner at Soros Fund Management, and he's had longstanding ties to the Trump family through a friendship with Donald Trump's late brother, Robert Trump, according to the New York Times.

Trump tapped Bessent for Treasury largely because of his data-driven approach and his proposals for tackling the national debt and budget deficit. Now he might get an even bigger platform.

Hassett's Fed Prospects

Meanwhile, Hassett—currently running the NEC—is looking like the frontrunner to replace Jerome Powell when his term as Fed Chair expires in May. Trump essentially confirmed the speculation Tuesday at a White House event, referring to Hassett as a "potential future Fed Chair," though no official announcement has been made.

If Hassett gets the job, expect a different monetary policy vibe. He's a supply-side economist who believes inflation has been beaten and that the Fed's restrictive stance is outdated. On NBC News Sunday, he called the nomination speculation a "rumor" but made clear he'd serve if asked, noting the market's positive reaction to news of Trump's potential pick.

For Trump, who has spent months pressuring the Fed to cut interest rates, appointing Powell's successor represents his best shot at remaking the institution to align with his economic vision.