President-elect Donald Trump nominated Scott Bessent to head up the Department of the Treasury on Friday.
"I am most pleased to nominate Scott Bessent to serve as the 79th Secretary of the Treasury of the United States," Trump said in a statement emailed to Newsweek. "Scott is widely respected as one of the World's foremost International Investors and Geopolitical and Economic Strategists. Scott's story is that of the American Dream."
Trump added that Bessent has "long been a strong advocate of the America First Agenda. On the eve of our Great Country's 250th Anniversary, he will help me usher in a new Golden Age for the United States, as we fortify our position as the World's leading Economy, Center of Innovation and Entrepreneurialism, Destination for Capital, while always, and without question, maintaining the U.S. Dollar as the Reserve Currency of the World. Unlike in past Administrations, we will ensure that no Americans will be left behind in the next and Greatest Economic Boom, and Scott will lead that effort for me, and the Great People of the United States of America."
Trump went on to say that as "a lifelong Champion of Main Street America and American Industry, Scott will support my Policies that will drive U.S. Competitiveness, and stop unfair Trade imbalances, work to create an Economy that places Growth at the forefront, especially through our coming World Energy Dominance. Together, we will Make America Rich Again, Prosperous Again, Affordable Again, and, most importantly, Great Again!"
Bessent was widely considered a top contender to lead the Treasury Department, and he is one of Trump's least controversial Cabinet picks.
A longtime hedge fund manager, Bessent has publicly called for steep cuts to government spending.
"I'm a Wall Street guy who loves Main Street," Bessent said on former Trump White House chief strategist Steve Bannon's "War Room" podcast earlier this year. "Main Street has to drive this Trump boom."
"I think we could get $100 billion a year over ten years that scores at $1 trillion in this cockamamie CBO scoring that'll stabilize the bond market, and we can go from there," Bessent said on Bannon's podcast. "It's an incredible opportunity."
Bessent also said the "really insidious part" of the Biden administration's agenda was what he described as the "regulatory burden." Bessent went on to advocate for "a big push in bank deregulation," adding that "community banks need to be allowed to lend to their communities."
This story is developing and will be updated with more information.
English (US) ·