3 months ago
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President-elect Donald Trump's pick for Treasury secretary testifies Thursday before the Senate Banking Committee, both stating his case for the position and laying out the economic agenda for the new administration.
Businessman Scott Bessent, an investor, hedge fund manager and billionaire political donor who once worked with George Soros, will offer remarks then take questions from the panel.
In a statement he is expected to deliver, the anticipated Cabinet nominee will pitch Trump's vision for America.
"Today, I believe that President Trump has a generational opportunity to unleash a new economic golden age that will create more jobs, wealth and prosperity for all Americans," Bessent says in the remarks.
"President Trump was the first president in modern times to recognize the need to change our trade policy and stand up for American workers," he adds.
Investors cheered selection of Bessent
As Scott Bessent prepares to testify in the Senate on Thursday, he has already gotten a vote of confidence from investors.
The stock market rose in the immediate aftermath of Trump announcing Bessent as his pick in late November, part of an extended rally for the market following the election.
The bond market also rallied, with the iShares 20+ Year Treasury Bond ETF (TLT) climbing 2.6% on Nov. 25, the first trading day after Trump's announcement. Bond prices move opposite of yields.
Bessent's past experience in the hedge fund world and familiarity with Wall Street may have helped calm investor worries about Trump's policies being disruptive to markets.
— Jesse Pound
Bessent reportedly involved in planning gradual tariffs for Trump
Scott Bessent, the nominee for Treasury secretary, was one of the advisers working on a plan for President-elect Donald Trump to impose tariffs more gradually, Bloomberg News reported earlier this week.
The plan could involve a schedule of graduated tariffs increasing by about 2% to 5% a month on trading partners, Bloomberg reported, citing people familiar with the matter. The proposal is not finalized yet and has not been presented to Trump, the people told Bloomberg.
Kevin Hassett, set to be director of the National Economic Council, and Stephen Miran, nominated to lead the Council of Economic Advisers, were also involved in the discussions, Bloomberg reported.
— Yun Li
Bessent pledges to defend U.S. supply chains and the dollar
While not mentioning tariffs, Treasury secretary nominee Scott Bessent is pushing for a muscular policy when it comes to defending U.S. interests overseas.
"We must secure supply chains that are vulnerable to strategic competitors, and we must carefully deploy sanctions as part of a whole-of-government approach to address our national security requirements. And critically, we must ensure that the U.S. dollar remains the world's reserve currency," Bessent said in remarks prepared for his testimony before the Senate Banking Committee.
President-elect Donald Trump has promised across-the-board levies against U.S. global trading partners, though it's possible he could tailor the tariffs against certain goods and services.
—Jeff Cox
English (US)