Donald Trump’s pick for Treasury Secretary is reportedly hedge fund manager Scott Bessent, who some years ago was a major Democratic donor to Hillary Clinton and John Kerry, and is now a true Trump convert having known the Trump family for decades. If confirmed, he would be the first openly gay man to lead the Treasury.
The nomination of investor Scott Bessent as US treasury secretary is seen as a relief to Wall Street. His understanding of markets is expected to reduce the risk of severe tariffs https://t.co/FBYtRqCtZK pic.twitter.com/qqmktVot52
— Reuters (@Reuters) November 23, 2024
From Reuters:
The choice of Bessent, 62, who has spent his career in finance, gives Wall Street an advocate for tax reform and deregulation. Some strategists said his nomination was a relief as he understands markets and his appointment could reduce the chance of severe tariffs.
As Treasury secretary, Bessent will essentially be the highest-ranking U.S. economic official, responsible for maintaining the plumbing of the world’s largest economy, from collecting taxes and paying the nation’s bills to managing the $28.6-trillion Treasury debt market and overseeing financial regulation, including handling and preventing market crises.
Bessent will face challenges, including safely managing federal deficits that are forecast to grow by nearly $8 trillion over a decade due to Trump’s plans to extend expiring tax cuts next year and add generous new breaks, including ending taxes on Social Security income.
New: How Scott Bessent went from Democratic donor to Trump Treasury Secretary pick
“He was very supportive of the causes and the people that we supported,” said Will Trinkle, a Democrat who co-hosted a Gore fundraiser with Bessent in 2000.https://t.co/WWaO2TGUWi — Alan Rappeport (@arappeport) November 23, 2024
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