Treasury Secretary Scott Bessent announced the hiring of David Zervos, a veteran Wall Street economist, as a counselor in the Treasury Department. Zervos, who previously served as chief market strategist at Jefferies LLC, will begin his role immediately in an advisory capacity, according to a statement released Monday.
The position does not require Senate confirmation. Zervos brings more than three decades of experience in global markets, central banking, and macroeconomic research to the Treasury. His career includes roles at the Federal Reserve Board in the early 1990s and during the 2009 financial crisis.
Bessent’s Debt Buyback Expansion
Bessent confirmed last month that the Treasury’s scheduled debt buyback operations would increase from an initial $2 billion to at least $4 billion. The initiative involves repurchasing long-dated government bonds to influence yields. Zervos has publicly supported this move, arguing that such operations can help stabilize the U.S. government bond market.
Policy Perspectives and Fed Criticism
Zervos has been a vocal advocate for lower interest rates, stating in a 2025 interview with CNBC that monetary policy was overly restrictive. He suggested that rate cuts could better support the labor market and sustain economic growth. His views align with Bessent’s broader economic approach, which has included aggressive fiscal measures.
Zervos was previously considered for the role of Federal Reserve chair in 2025 but was not selected. The position ultimately went to Kevin Warsh.
Background and Career Highlights
Zervos holds a doctorate in economics and has worked twice at the Federal Reserve, including early in his career and during the 2009 financial crisis. He joined Jefferies in 2010 and has been a frequent contributor to CNBC, where he has shared his market analysis and policy views.
The Treasury Department has faced staffing challenges, with seven of 16 Senate-confirmed appointees departing as of mid-August 2025. Bessent has had three chiefs of staff since taking office in January 2025. The new hire follows the departure of Joseph Lavorgna, who served in a similar advisory role before leaving in March 2025.
Zervos’ appointment adds to the Treasury’s policy expertise amid ongoing debates over artificial intelligence regulation and U.S.-China economic relations, though President Donald Trump clarified that Bessent would not take on a formal AI advisor role.