President-elect Donald Trump has nominated Key Square founder Scott Bessent to be Secretary of the Treasury.
President-elect Trump has nominated Scott Bessent to be Secretary of the Treasury when he returns to the White House in January.
President Trump highlighted Bessent’s expertise in a statement Friday.
“I am very pleased to nominate Scott Bessent as the 79th Secretary of the United States Treasury,” he said. “Scott is widely respected as one of the world’s leading international investors, geopolitical and economic strategists. Scott’s story is the story of the American Dream.”
Trump said Bessent would help bring about a “Golden Age for America” and said he would focus on improving the economy and preserving the dollar.
“Mr. Scott has long been a strong supporter of the America First Agenda. On the eve of our great nation’s 250th anniversary, he is committed to supporting America’s new “It will help usher in a golden age of innovation and entrepreneurship, a destination for capital, and always maintain the US dollar as the world’s reserve currency,” he said. Ta. “Unlike past administrations, we will ensure that no American is left behind in the next greatest economic boom, and Scott will lead that effort for me and the great people of America. ”
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Scott Bessent, founder and CEO of Key Square Group, has been nominated by President-elect Trump to be Secretary of the Treasury. (Vincent Alban/Bloomberg via Getty Images/Getty Images)
President Trump also nominated Russ Vought to lead the Office of Management and Budget late Friday.
Lindsey Johnson, president and CEO of the Consumer Bankers Association (CBA), congratulated Bessent on her nomination in a statement.
“As an experienced and accomplished businessman, I applaud Mr. Bessent’s recent comments calling for increased optimism for small businesses, prudent deregulatory banking policy, and support for Main Street,” Johnson said in a statement. .
“If confirmed, I look forward to working with Mr. Bessent to advocate for sound financial regulatory policies that will help banks better support consumers, small businesses, and the economy as a whole.”
The U.S. Treasury building pictured in Washington, D.C., on January 19, 2023, following the announcement Thursday that the U.S. Treasury has begun taking steps to prevent a government debt default. (Saul Loeb/AFP via Getty Images/Getty Images)
Mr. Bessent, the founder and CEO of the global macro investment firm Key Square Group, was a key economic policy advisor and fundraiser for the Trump campaign.
He has long supported economic policies such as tax cuts, spending controls and deregulation that have been central to the Republican Party’s platform, and he has supported Trump’s use of tariffs in trade negotiations.
At an event hosted by the Manhattan Institute earlier this year, Bessent said President Trump would target 3% economic growth, reduce the budget deficit to 3% of gross domestic product and increase domestic energy production by 3 million. He suggested that a three-point plan should be pursued. barrels of oil a day.
He also supports President Trump’s plan to ease regulations on cryptocurrencies and digital assets. Bessent also argues that mass deportations of illegal immigrants would be less costly than the current situation, given the costs of crime and deaths from fentanyl.
President-elect Trump is nominating candidates for cabinet positions in the next administration. (Charlie Tribalew/AFP via Getty Images/Getty Images)
Mr. Bessent previously taught at Yale University. He worked at Soros Fund Management (SFM) from 1991 to 2005, starting as a partner and eventually leading the firm’s London office. After starting his own venture and working at another company, he returned to SFM as chief investment officer from 2011 to 2015, before leaving to start his own investment firm, Key Square Group.
Key Square focuses on macro investing, a strategy that leverages geopolitical and macroeconomic information to guide investment approaches to various markets.
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The role of the Secretary of the Treasury is extremely important in carrying out the president’s economic policy.
The Secretary of the Treasury often leads negotiations with Congress on tax and spending issues, and also handles transactions with foreign governments and financial institutions, as well as the work of subordinate agencies such as the Treasury Department and the Internal Revenue Service (IRS). I’m in charge.
During President Trump’s first term, Steven Mnuchin served as Treasury secretary for a four-year term after being confirmed by the Senate on a 53-47 vote weeks after Inauguration Day.
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Before founding Key Square Group, Mr. Bessent taught at Yale University and worked at Soros Fund Management. (Stephanie Reynolds/Bloomberg via Getty Images/Getty Images)
Mr. Bessent will also need to be confirmed by the Senate, which will become easier as the Republicans now have a majority of 53 seats, after flipping four seats to Republican candidates in this election.
The Senate Finance Committee will be responsible for holding confirmation hearings on Bessent’s nomination and bringing it to the floor for a confirmation vote.
Senate committees often hold confirmation hearings for nominees of the incoming presidential administration before Inauguration Day, creating an opportunity for these nominees to be confirmed on or shortly after the new president’s inauguration.
Vought served as OMB director during President Trump’s first term. He also served as OMB Deputy Director and Acting Director.
“He took on this role during my first term and did a great job. We cut four rules for every new rule, and it was a huge success,” Trump told Truth Social. I wrote it.
Former Office of Management and Budget (OMB) Director Russ Vought was nominated Friday by President-elect Trump to head OMB again. (FOX Business/FOX News)
The Office of the Director of OMB is tasked with preparing the President’s budget and implementing the President’s agenda throughout the federal government. Vought is a contributor to the Heritage Foundation’s Project 2025 and a close ally of President Trump.
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“Russ has worked in the public policy field in Washington, D.C. for many years, and is an aggressive cost cutter and deregulator who helped bring the America First agenda to fruition across all government agencies,” Trump said in a statement. He will give it to me,” he wrote. “Russ knows exactly how to dismantle the deep state and end weaponized government, and he will help us restore self-government to our people.”
President Trump said Vought would help restore “fiscal health” and bring “new levels of prosperity and ingenuity.”
