U.S. Treasury nominee Scott Bessent is set to say at his confirmation hearing that President-elect Donald Trump has an opportunity to create a “new economic golden age.” Bessent, a South Carolina billionaire, was chosen by Trump after considering other candidates, including billionaire investor John Paulson.
Bessent’s views on the economy are shaped by his experience as a money manager. He plans to prioritize investments that grow the economy over wasteful spending that drives inflation. He also supports extending provisions of the Tax Cuts and Jobs Act of 2017, which estimates range from $6 trillion to $10 trillion in costs over 10 years.
Bessent’s nomination is seen as a key player in shaping Trump’s economic policies. If confirmed, he will oversee the Internal Revenue Service and play a role in managing the public debt. He also plans to ensure that the U.S. dollar remains the world’s reserve currency.
Lawmakers on Capitol Hill will question Bessent on various issues, including taxes, tariffs, trade, and cryptocurrency. Senators are expected to grill him on his views on agency independence, housing, and financial stability oversight.
The nomination of Bessent has significant implications for Trump’s economic agenda. With a focus on securing vulnerable supply chains, levying sanctions, and maintaining the U.S. dollar as a reserve currency, Bessent is seen as a key figure in shaping Trump’s vision for an “economic golden age.”
Source: https://apnews.com/article/bessent-trump-inauguration-treasury-finance-0da57f77f3a2010744cb157dd3d976a4