Treasury Secretary Scott Bessent Hires David Zervos as Counselor

Treasury Secretary Scott Bessent hired Wall Street economist David Zervos as a counselor in the Treasury Department. Zervos, the former chief market strategist at Jefferies, joins the department as a special government employee, a designation that limits his tenure until April 2027 but reduces his divestiture requirements.

Zervos will serve in a broad advisory capacity. He has previously advocated for lower interest rates and supported the decision by the Treasury Department to increase buybacks of long-term Treasury debt to manage rising yields. Zervos has a history with the Federal Reserve, having worked there twice, and was once considered by President Donald Trump to lead the central bank before Kevin Warsh was appointed in January 2025.

The appointment occurs during a period of significant staff turnover at the Treasury, where seven of 16 Senate-confirmed appointees had departed by mid-August.