Bessent Appoints David Zervos as Treasury Counselor as 7 of 16 Senate-Confirmed Officials Have Left
Updated
Updated · CNBC · Sep 28
Bessent Appoints David Zervos as Treasury Counselor as 7 of 16 Senate-Confirmed Officials Have Left
3 articles · Updated · CNBC · Sep 28
Summary
David Zervos, Jefferies' longtime chief market strategist, will start immediately as a Treasury counselor in a broad advisory role under Scott Bessent.
The hire bolsters a department hit by turnover: seven of Treasury's 16 Senate-confirmed appointees had departed by mid-August, and Bessent is already on his third chief of staff since January 2025.
Zervos arrives aligned with Bessent on key market issues, having backed increased buybacks of some long-term Treasury debt and repeatedly argued for lower Federal Reserve interest rates.
Those views land as Treasury and the Fed grapple with rising yields — the 10-year Treasury reached 5.2% Friday, its highest since 2007 — after the Fed's first rate hike since 2023.
Zervos said he will serve as a special government employee through April 2027, a status that avoids some divestiture requirements but limits how long he can stay.