Scott Bessent, President-elect Donald Trump's nominee for U.S. Treasury secretary, is expected to declare during his confirmation hearing on Thursday that Trump has the potential to usher in "a new economic golden age."
Why It Matters
Bessent plans to emphasize economic security and the preservation of the U.S. dollar's global dominance during his Senate Finance Committee confirmation hearing.
Trump has set ambitious goals for Bessent. He is expected to be tasked with resetting the global trade order, enabling trillions of dollars in tax cuts, keeping inflation under control, and managing the ballooning national debt—all while maintaining confidence in financial markets.
What To Know
The nominee for treasury secretary brings a notable bipartisan background to the role. Before becoming a Trump donor and adviser, Bessent supported several Democratic causes, including Al Gore's 2000 presidential campaign.
Adding to his diverse résumé, Bessent previously worked for George Soros, a prominent Democratic supporter, showcasing his experience across political and financial spheres.
Who Else Was in the Running for Treasury Secretary?
Bessent emerged as Trump's choice after a lengthy selection process. Other contenders reportedly included billionaire investor John Paulson and Howard Lutnick, who was ultimately nominated for commerce secretary. Bessent's nomination reflects Trump's preference for candidates with extensive financial expertise.
Bessent would play a critical role as Trump's fiscal policy adviser, overseeing public debt management and serving on the president's National Economic Council.
What Does the Treasury Secretary Do?
If confirmed, Bessent will lead significant agencies within the Treasury Department, including the Internal Revenue Service (IRS). The IRS recently received a substantial funding increase under the Democrats' Inflation Reduction Act, though the boost has faced ongoing threats of budget cuts.
Bessent's responsibilities would include navigating fiscal challenges, guiding economic policy, and managing one of the government's most influential departments during a pivotal economic period.
What People Are Saying
Nominee for U.S. Treasury Secretary Scott Bessent plans to stress in his testimony the need to secure vulnerable supply chains, impose sanctions to address national security concerns, and "critically, we must ensure that the U.S. dollar remains the world's reserve currency." He is also due to say, "Productive investment that grows the economy must be prioritized over wasteful spending that drives inflation."
What Happens Next
Bessent is expected to face intense questioning from senators during his confirmation hearing. Lawmakers are anticipated to press the billionaire money manager for hours on his views regarding cryptocurrency regulation, the Trump-era tax cuts, and how he plans to handle potential conflicts of interest.
This article includes reporting from The Associated Press.
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