Trump taps billionaire Bessent to lead Treasury's new era
Donald Trump has nominated billionaire Scott Bessent for the position of Treasury Secretary in the new U.S. administration—a key role in economic and fiscal policy. The President-elect praised him for his strong support of the "America First Agenda."
6:04 AM EST, November 23, 2024
According to Donald Trump, Bessent will help lead the country into a new "golden age" by strengthening the economy, promoting innovation, and ensuring that the dollar remains the world's reserve currency. Trump emphasized that his administration will not leave any American behind in the upcoming economic boom. The new Treasury Secretary is expected to lead these efforts.
The 62-year-old financier advised Trump on economic matters during the election campaign. He is the founder of the hedge fund Key Square Capital Management and was also the chief investment officer at Soros Fund Management, where he gained recognition for successful currency operations that brought billions in profits to the firm.
The tasks of the Treasury Secretary
As the head of the department, Bessent will oversee the American economy, including tax policy, federal spending, and public debt management. This is especially significant in the context of Trump's expected economic policies, including deregulation and tax cuts, as media outlets point out.
CNN notes that the main challenge for Bessent as Treasury Secretary will be addressing federal debt and implementing the new president's promises regarding tax and spending changes.
Following Trump's victory in the race for the White House, the U.S. dollar increased in value.
An experienced financier
As Treasury Secretary, Bessent will also have to deal with U.S. debt and make efforts to extend the key provisions of the Tax Cuts and Jobs Act, which expire in 2025.
The Treasury Secretary also plays a crucial role on the international stage, overseeing the issuance of U.S. debt, tax collection, and regulation of the banking and financial sector.
In an article for "The Wall Street Journal," Bessent supported Trump's proposed policies, including tax cuts and deregulation. He also warned of the growing internal debt and called for a more balanced approach to tariff policy.
CNN compares Bessent to Steven Mnuchin, the Treasury Secretary during Trump's first term. It claims that the new candidate brings deep financial expertise, which is considered crucial for implementing Trump's ambitious economic policy.
