Trump names investor Scott Bessent as Treasury secretaryExBulletin

Scott Bessent speaks at the National Conservative Conference in Washington, DC on July 10, 2024. Bessent is Trump's nominee for next Treasury Secretary. DOMINIC GWINN/Middle East Images/AFP via Getty .

. DOMINIC GWINN/Middle East Images/AFP via Getty

Scott Bessent, the little-known Wall Street investor who became a top economic adviser to President-elect Donald Trump, has been named the next Treasury secretary in the new Trump administration.

In a statement, Trump wrote: “Scott has long been a staunch supporter of the America First agenda” and that Bessent “would help me usher in a new golden age for the United States, as we strengthen our position as first world economy”. , Center for innovation and entrepreneurship, destination of capital, while always and undoubtedly maintaining the US dollar as the world's reserve currency.

Bessent, a former protégé of Democratic mega-donor George Soros, founded and runs the hedge fund Key Square Group. He rose from relative obscurity to become one of Trump's favorite advisers on the campaign trail, where Trump praised Bessent as “one of the best analysts on Wall Street” as well as “a nice guy, too.”

Bessent responded by arguing that Trump's proposed tax cuts and loosening of business regulations would boost the U.S. economy.

“Mr. Trump has a mandate to re-privatize the American economy through deregulation and tax reform,” Bessent wrote in an op-ed for the Wall Street Journal, touting the stock market's immediate reaction to Trump's victory.

“This will be critical to reigniting the engine of U.S. growth, reducing inflationary pressures and reducing the debt burden resulting from four years of reckless spending,” he added.

Bessent sparked controversy with Fed comments

Bessent also made waves in political circles this fall by floating the idea of ​​replacing Federal Reserve Chairman Jerome Powell with a “shadow chair,” which could weaken Powell's position until the end of his term. term in 2026.

The central bank is supposed to be independent and immune to political pressure, but Trump has repeatedly criticized Powell, whom he appointed, for failing to carry out his orders.

Powell said after the election that he wouldn't resign if Trump asked him to, and Bessent decided the “ghost chair” idea wasn't worth pursuing, the Wall Street Journal recently reported .

Close with Trump's orbit and protection from Soros

Bessent has been friends for years with Vice President-elect JD Vance and members of the Trump family.

But he spent years working for Soros, a billionaire investor firmly on the other side of the political aisle, eventually becoming chief investment officer of Soros Fund Management. (When Bessent left to create Key Square in 2015, Soros invested $2 billion with his former employee.)

If confirmed by the Senate, Bessent will become one of the first openly gay, Senate-confirmed Cabinet officials (after President Biden's Transportation Secretary Pete Buttigieg). Bessent and her husband, former New York prosecutor John Freeman, have two children and live primarily in Charleston, South Carolina.

Customs duties and taxes could mark Bessent's mandate

As Treasury secretary, Bessent will be responsible for implementing Trump's proposed economic policies, including tax cuts and drastic tariffs.

During his first administration, Trump overhauled the tax code in 2017, with changes that will largely expire next year, meaning his second administration will have the opportunity to once again reshape tax policy for years to come.

Trump's promises to raise tariffs and cut taxes seemed to resonate with voters this election, despite the current healthy state of the U.S. economy: inflation is easing, wages are increasing, unemployment remains historically low and interest rates are falling.

The next Treasury secretary will need to implement Trump's proposals without weakening underlying fundamentals, but many economists have warned that Trump's economic proposals could reignite inflation and balloon the federal deficit.

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