Trump Taps Scott Bessent to Lead US Treasury Department
By Reeturaj - Nov 23, 2024
President-elect Donald Trump nominates Scott Bessent, a Wall Street financier and early supporter, to lead the U.S. Treasury Department for his second term. Bessent, with a background in finance and crypto, would be the first Treasury Secretary openly advocating for cryptocurrency. The nomination is seen as a moderate choice, but concerns are raised about his impact on the economy, especially with tax policies and proposed tariffs. Confirmation by the Senate is required for Bessent to assume his role.
Reuters via FMT
President-elect Donald Trump has nominated Scott Bessent, a Wall Street financier and early supporter of his 2024 campaign, to lead the U.S. Treasury Department. This nomination concludes a lengthy decision-making process for Trump as he puts together his team for a second term. As Treasury Secretary, Bessent will oversee tax policy, public debt, international finance, and sanctions.
At 62, Bessent has a typical background for the position, having worked for George Soros in the 1990s before founding his own investment firm, Key Square Capital Management. He has defended Trump's protectionist agenda, including tariffs, and has strongly supported Trump's focus on the cryptocurrency industry. If confirmed by the Senate, Bessent will become the first Treasury Secretary to openly advocate for cryptocurrency.
Bessent's nomination is viewed as a more moderate choice compared to other potential candidates. His experience and views on economic policy are expected to bring stability to the Treasury Department. Alongside Bessent, Trump has nominated Republican Congresswoman Lori Chavez-DeRemer for U.S. Labor Secretary and Scott Turner to lead the Department of Housing and Urban Development.
However, Bessent's nomination has raised concerns about his potential impact on the economy. As Treasury Secretary, he will play a crucial role in shaping Trump’s economic policies, including the extension of tax cuts from Trump's first term. Bessent has indicated that ensuring these tax cuts do not expire will be his top priority. Additionally, Trump has proposed sweeping tariffs on all imports, which has caused alarm in traditional economic and corporate circles.
The Senate must confirm Bessent’s nomination before he can take office. If approved, he will face significant challenges in shaping the U.S. economy and navigating complex geopolitical relationships. Trump's decision to nominate Bessent reflects his commitment to his "America First" agenda and his aim to position the U.S. as a leader in the cryptocurrency industry.
