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Scott Bessent, the 79th Secretary of the Treasury of the United States, has been making headlines with his recent statements and actions regarding the economy and international trade.
In a recent interview with CNBC's "Squawk Box," Bessent discussed the state of the economy and U.S. foreign trade relations. He emphasized that the current administration's approach to global trade is not a radical change but rather a "much-needed course adjustment." Bessent argued that the goal is to make free trade fair trade, addressing the imbalances in trading systems that have led to significant trade deficits for the United States.
Bessent has also been actively involved in negotiations with international partners. He recently met with Ukrainian President Volodymyr Zelenskyy to discuss an economic partnership agreement. Although the meeting did not result in an immediate signing, Bessent expressed the importance of bringing the Ukrainian people closer to the United States through economic ties.
The Treasury Secretary has been a vocal supporter of President Trump's reciprocal tariff policy. In an interview with Fox Business, Bessent revealed that some of America's "worst trading partners" have already reached out to negotiate, offering substantial decreases in what he described as unfair tariffs. He expressed optimism that some tariffs may not need to be implemented as deals could be pre-negotiated before the April 2nd deadline.
On the domestic front, Bessent has been focusing on the bond market and interest rates. His fixation on the 10-year Treasury yield has been so intense that it has forced some Wall Street analysts to revise their predictions for 2025. The phrase "Don't fight Bessent's Treasury" has become a new mantra in the U.S. bond market, highlighting the impact of his policies and statements on financial markets.
In a recent cabinet meeting, Bessent outlined the administration's economic strategy, which includes reprivatizing the economy, reducing government spending, and decreasing excess employment in the government sector. He emphasized that these measures, combined with efforts to relever the banking system and create new manufacturing jobs, will lead to controlled inflation and lower interest rates.
Bessent has also been addressing the intersection of economic and national security. In a speech at the Economic Club of New York, he discussed the administration's use of financial tools as a critical component of U.S. foreign policy. He highlighted the ongoing sanctions campaign against Iran, designed to collapse its oil exports and cut off its access to the international financial system.
As the Trump administration continues to implement its America First agenda, Scott Bessent remains at the forefront of shaping economic policy and international trade relations. His actions and statements continue to have significant implications for both domestic and global markets. -
Treasury Secretary Scott Bessent has been in the spotlight recently, addressing concerns about the U.S. economy and defending the Trump administration's policies. In a recent interview on "Face the Nation," Bessent acknowledged the ongoing affordability crisis but emphasized that the administration is working to address it. He highlighted that interest rates and mortgage rates have been decreasing since President Trump took office, which he considers a positive start towards improving housing and auto affordability.
Bessent also announced plans to appoint an "affordability czar" and establish an affordability council to focus on areas where the administration can make a significant difference for working-class Americans. This move is part of the administration's efforts to tackle the economic challenges faced by many Americans.
The Treasury Secretary has been actively defending the administration's tariff policies, describing them as a "much-needed course adjustment" rather than a radical change. Bessent argued that the trading systems have become imbalanced, pointing to the large trade deficits run by the United States and the surpluses accumulated by other countries. He stressed that the goal is to make free trade fair trade.
In a recent speech at the Economic Club of New York, Bessent outlined three critical pillars of President Trump's America First agenda. He discussed plans to deregulate the financial sector, reorient international economic relations through tariff policies, and update financial tools as a component of U.S. foreign policy. Bessent emphasized that these pillars are part of a holistic program aimed at improving the lives of every American.
The Treasury Secretary has also been involved in international affairs, recently meeting with Ukrainian President Volodymyr Zelensky to discuss an economic partnership agreement. Although Zelensky did not sign the agreement during their meeting, Bessent expressed the importance of bringing the Ukrainian people closer to the U.S. people through economic ties.
In response to recent stock market volatility, Bessent has taken a calm approach, stating that he is not worried about the market's "healthy correction." He argued that corrections are normal and even beneficial, as they can prevent financial crises caused by euphoric markets. This stance has drawn some criticism, with CNBC's Jim Cramer disagreeing with Bessent's assessment of the situation.
Bessent has also been involved in implementing President Trump's executive order on creating a strategic reserve for cryptocurrency. This move has raised questions from some members of Congress, who have requested more information about the plan and its potential implications.
As Treasury Secretary, Bessent continues to play a crucial role in shaping U.S. economic policy and addressing both domestic and international financial challenges. His actions and statements are closely watched by investors, policymakers, and the public as indicators of the administration's economic direction. -
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Treasury Secretary Scott Bessent has been in the spotlight recently as he navigates economic challenges and implements the Trump administration's policies. In a recent interview on NBC's "Meet the Press," Bessent addressed concerns about the economy and defended the administration's tariff policies. Despite market turbulence and declining consumer sentiment, Bessent remained optimistic, stating that the administration's policies will alleviate the affordability crisis and moderate inflation.
Bessent acknowledged the possibility of a recession but emphasized that the administration is implementing strong policies designed to endure. He downplayed recent stock market fluctuations, focusing instead on long-term economic benefits he believes tariffs will generate. This stance aligns with the administration's strategy of prioritizing long-term economic goals over short-term market reactions.
The Treasury Secretary's comments have drawn criticism from some financial experts. CNBC's Jim Cramer disagreed with Bessent's assertion that market corrections are "healthy" and "normal," arguing that the current situation is atypical due to concerns about a recession potentially caused by presidential policies.
Bessent has also been actively involved in implementing President Trump's international economic agenda. He discussed the administration's "maximum pressure" campaign on Iran, aimed at collapsing the country's oil exports and economy. This strategy includes aggressive use of sanctions and efforts to cut off Iran's access to the international financial system.
In a recent speech at the Economic Club of New York, Bessent outlined three key pillars of the Trump administration's economic policy: deregulating the financial sector, reorienting international economic relations through tariffs, and integrating economic and national security. He emphasized the administration's commitment to making financial regulation more efficient and tailored, while also using economic tools to advance U.S. foreign policy objectives.
Bessent's tenure has also seen some controversial decisions. He granted Elon Musk and his Department of Government Efficiency team access to the Treasury Department's payment system, which handles trillions in federal payments and contains sensitive tax information. Additionally, as acting director of the Consumer Financial Protection Bureau, Bessent ordered the agency to halt all work, raising concerns among consumer advocates.
The Treasury Secretary continues to face scrutiny over the economic impact of the administration's policies, particularly regarding tariffs and their potential effect on consumer prices. As he navigates these challenges, Bessent remains a key figure in shaping and implementing President Trump's economic vision, balancing domestic priorities with international economic relations and national security concerns. -
Scott Bessent, the newly appointed U.S. Secretary of the Treasury, has been at the forefront of several significant economic and policy developments in the last few days. On March 5, 2025, Secretary Bessent met with Israel's Minister of Finance, Bezalel Smotrich, to reinforce the economic partnership between the United States and Israel. The meeting emphasized the importance of deepening economic cooperation, fostering innovation, and strengthening financial and trade ties. Both nations reaffirmed their commitment to a strategic economic partnership, recognizing its vital role in driving growth and prosperity[1].
In another major development, Secretary Bessent announced the suspension of enforcement of the Beneficial Ownership Information (BOI) reporting requirement for U.S. citizens and domestic companies. This decision, praised by former President Donald Trump, is part of the Trump administration's broader agenda to reduce regulatory burdens on American businesses. The Treasury Department will no longer enforce penalties or fines associated with BOI reporting for U.S. citizens or domestic reporting companies, instead focusing on foreign companies. This move is seen as a victory for small businesses, which have been impacted by what was deemed an "outrageous and invasive" rule[1].
Bessent has also been actively engaged in international economic diplomacy. He recently spoke with Acting President Choi Sang-mok of Korea to discuss opportunities for joint prosperity under the Trump Administration’s America First Trade Policy. The conversation highlighted the importance of addressing shared economic and security challenges in the Indo-Pacific region and beyond[1].
One of the most contentious issues Bessent has addressed is the extension of the Trump tax cuts of 2017. In an exclusive interview on FOX Business Network's "Kudlow," Bessent emphasized the White House's desire to make these tax cuts permanent rather than opting for a temporary extension. He argued that failing to extend these cuts would result in the largest tax hike in history, negatively impacting the U.S. economy, budget deficit, and the lifestyles of working-class Americans[1].
Bessent's economic views include a skepticism towards certain aspects of globalization and a support for tariffs as a means to increase revenue and encourage domestic production. He has argued that tariffs can help reduce reliance on industrial production from strategic rivals and has advised on policies aimed at cutting the budget deficit and boosting GDP growth through deregulation[1].
Recently, Bessent has faced scrutiny over his stance on the stock market, particularly during a period of significant market volatility. Despite the S&P 500 facing its first market correction since 2023, with a drop of over 10% from its recent peak, Bessent remains unworried. In an interview with NBC's "Meet the Press," he stated that corrections are healthy and necessary to avoid euphoric markets that could lead to a financial crisis. He emphasized that long-term economic gain will not occur without some short-term pain and expressed confidence that the Trump administration's policies, including good tax policy, deregulation, and energy security, will ultimately benefit the markets[4].
Bessent's public message has been consistent: that the administration's policies, though potentially painful in the short term, are necessary to reset the economy on a sustainable path. He has also highlighted the need to reduce government spending to prevent a future financial crisis, arguing that the current actions are part of a broader strategy to address what he perceives as a broken system[2][4].
Despite the recent market setbacks and concerns from Wall Street, Bessent remains committed to the Trump administration's economic agenda, which includes sweeping tariffs and significant deregulation. His stance has been seen as a departure from the expectations of many on Wall Street, who had hoped he would act as a moderating influence on President Trump's policies[2]. -
In recent days, U.S. Treasury Secretary Scott Bessent has been at the forefront of economic discussions, particularly in the context of the Trump administration's policies and their impact on financial markets. During an appearance on NBC's "Meet the Press" on Sunday, Bessent addressed the current market turmoil and the potential for a recession, acknowledging that "there are no guarantees" against such an economic downturn.
Bessent's comments came amid significant market volatility triggered by President Donald Trump's extensive tariffs on international trading partners, including recent tariffs imposed on Canada and Mexico. Despite the market fluctuations, Bessent downplayed the short-term economic impact, emphasizing that corrections in the market are "healthy" and "normal." He drew from his 35 years of experience in the investment business to argue that such corrections prevent euphoric markets that can lead to financial crises, citing the lack of intervention in 2006 and 2007 as a precursor to the 2008 financial crisis.
The Treasury Secretary reiterated the administration's long-term economic strategy, focusing on good tax policy, deregulation, and energy security. He expressed confidence that these policies will ultimately benefit the markets, despite current disruptions. Bessent's stance reflects the administration's broader position that short-term market disturbances are necessary for redirecting the U.S. economy onto a more secure trajectory.
Bessent's views on market corrections and the administration's economic policies have not aligned with the expectations of many on Wall Street. Initially, there was hope that Bessent, a former hedge fund manager, would act as a moderating influence on Trump's economic policies. However, he has instead become a strong advocate for the administration's agenda, including sweeping tariffs and significant reductions in government spending.
The recent market sell-off, which saw the S&P 500 drop over 10% from its recent peak, has heightened concerns about the economic impact of these policies. Bessent, however, remains unconcerned about the long-term health of the markets, stressing that the current adjustments are part of a necessary transition to a more sustainable economic path. He noted that the large government deficits, currently at 6.7% of GDP, need to be brought down to prevent a future financial crisis.
Bessent's public message has been consistent: long-term economic gains will not occur without some short-term pain. This perspective is in line with the Trump administration's broader mandate for reshaping U.S. economic policy, even if it means enduring short-term market volatility. Despite growing market apprehension and a recent poll showing 56% of American adults disapproving of Trump's economic management, Bessent remains optimistic about public support for the administration's policies over time.
The Federal Reserve, which is set to review interest rates this week, has also been watching the "net effects" of Trump's policies on the economy. Fed Chair Jerome Powell and his colleagues are not in a hurry to cut rates, aligning with Bessent's higher threshold for implementing policy support or the so-called 'Trump put' for the market. This suggests that any significant market intervention may be delayed, requiring more substantial market declines before action is taken.
In summary, Scott Bessent's recent statements underscore the Trump administration's commitment to its economic policies, despite the short-term market turbulence. His views on healthy market corrections and the necessity of short-term pain for long-term economic gain have set a clear direction for the administration's economic strategy, even if it diverges from the expectations and concerns of many in the financial community. -
In the last few days, Treasury Secretary Scott Bessent has been at the forefront of addressing economic concerns and reassuring the public about the state of the economy, particularly amidst market volatility and the impact of President Trump's policies.
Bessent has been clear in his stance that the Trump administration is not focused on short-term market fluctuations but rather on long-term economic gains. In a recent CNBC interview, he emphasized that the administration's priorities are on pushing for policies that benefit the economy in the long run, rather than intervening to prop up the markets. He dismissed the notion of a "Trump put," which is the expectation that the White House would step in to support the markets, stating, "There’s no put," and highlighting that the administration's focus is not on stocks but on broader economic policies[2][5].
Despite the market turmoil triggered by President Trump's tariff threats, Bessent remains optimistic about the economy's long-term prospects. He has reassured the public that a little bit of volatility over a few weeks is normal and that stocks are a safe investment when viewed from a long-term perspective. Bessent pointed out that interest rates, such as those on 10-year bonds and mortgage rates, have been decreasing since President Trump took office, which he sees as a positive sign[3][5].
The Treasury Secretary also addressed concerns about the impact of the administration's policies on American consumers. In an interview on "Face the Nation," Bessent discussed the administration's efforts to address the affordability crisis by deregulating and cutting government spending. He argued that the previous administration's policies had led to significant deficits and overregulation, which the current administration is working to reverse. Bessent emphasized that President Trump's economic agenda, including deregulation and tax cuts, is aimed at freeing the supply side and reducing government spending[4].
Bessent's comments come at a time when public perception of the economy is mixed. Polling shows that a significant portion of Americans are concerned about the economy, with many reporting difficulties in paying for basic necessities like food and housing. However, Bessent remains confident that the administration's policies will eventually benefit working-class Americans, who were a key demographic in President Trump's election campaign[4].
In addition to his economic reassurances, Bessent has also navigated controversies surrounding the administration's policies. He has faced scrutiny over tax cuts and the administration's ties to billionaires, as well as the historic milestone of being the first openly gay Treasury Secretary. Despite these challenges, Bessent continues to drive the economic agenda of the Trump administration, emphasizing the importance of good policies in driving market growth[1][5].
Overall, Scott Bessent's recent statements and actions reflect the administration's commitment to long-term economic growth and its willingness to weather short-term market volatility in pursuit of broader economic goals. -
U.S. Treasury Secretary Scott Bessent has been at the forefront of several key economic and policy discussions in recent days, aligning closely with President Trump's "America First" agenda.
In a speech at the Economic Club of New York, Bessent outlined three critical pillars of the Trump administration's economic policy. He emphasized the need for responsibly deregulating the financial sector to accelerate what he termed the "re-privatization of the economy." This involves making financial regulation more efficient, effective, and tailored to current economic needs, rather than being driven by past crises. Bessent highlighted the supervisory failures that led to the 2023 banking crisis under President Joe Biden, stressing the need for a refocused regulatory approach that prioritizes material risk over mere compliance checks[1].
Another significant aspect of Bessent's address was the discussion on President Trump's tariff policies. He explained that these policies are part of a broader effort to reorient international economic relations and achieve "fair trade." Bessent argued that the current trading systems are imbalanced, with large trade deficits and surpluses in other countries. The administration plans to address tariff barriers, non-tariff barriers, currency manipulation, and government subsidies. Bessent emphasized that tariffs are a "one-time price adjustment" and do not cause long-term inflation, but rather aim to protect American workers and ensure fair trade practices[5].
In the context of market volatility, Bessent provided a reality check during a recent CNBC interview. He rejected the notion of a "Trump put," which is the expectation that the White House would intervene to prop up the markets. Instead, Bessent stated that the administration's focus is on implementing good policies, which would naturally support market growth. He emphasized that any market rally would be due to these policies rather than direct intervention from the Trump administration[3].
Bessent's confirmation as Treasury Secretary was also marked by some controversy, particularly regarding his use of the limited partnership exception under the Self-Employment Contributions Act (SECA) to avoid taxes related to his hedge fund, Key Square Group. During his Senate confirmation, Bessent addressed these concerns by stating that he would wind down Key Square Group, establish a reserve fund for any potential tax contingencies, and amend his tax returns if the IRS's position on the matter is upheld on appeal. He also committed to consulting with the Treasury Department's ethics staff to ensure there were no conflicts with his prior tax practices[2].
Overall, Secretary Bessent's recent activities and statements reflect a strong commitment to the Trump administration's economic agenda, focusing on deregulation, fair trade, and market stability through sound policy rather than intervention. -
U.S. Treasury Secretary Scott Bessent has been at the forefront of several significant economic and policy discussions over the last few days, reflecting his pivotal role in shaping the Trump administration's economic agenda.
Recently, Bessent addressed key economic priorities, including the administration's stance on tariffs and trade policies. In an appearance on CNBC's 'Squawk Box,' he defended the use of tariffs as a necessary measure to achieve "fair trade" rather than a radical departure from traditional trade policies. Bessent argued that the current trading systems have become imbalanced, with the U.S. running significant trade deficits while other countries accumulate large surpluses. He emphasized that the administration is targeting tariff barriers, non-tariff barriers, currency manipulation, and government subsidies to level the playing field. Bessent also hinted at an upcoming evaluation of trading partners on April 2, where they will be classified as "good actors" or "bad actors" based on their trade practices[5].
Bessent also discussed the economic impact of President Trump's policies, including the effects of tariffs on inflation and employment. He clarified that while tariffs might cause short-term price increases, they do not lead to long-term inflation. Instead, the focus is on ensuring American workers are employed and that the economy supports the "American dream" through job creation and economic prosperity[5].
In addition to trade policies, Bessent has been vocal about the administration's approach to cryptocurrency. During his 'Squawk Box' appearance, he expressed his support for the U.S. taking a leadership role in cryptocurrency, particularly in regulating and bringing crypto onshore. He discussed the Bitcoin Reserve, noting that the current assets in the reserve have appreciated significantly from seized assets. Bessent emphasized the need to stop selling these assets and to develop a plan for further acquisitions, aiming to create an overall crypto reserve[2].
Bessent's stance on market intervention was also highlighted in recent interviews. He rejected the notion of a "Trump put," which is the expectation that the White House would step in to prop up the market during downturns. Instead, he stated that the administration's priority is on implementing good policies, which would naturally lead to market growth if successful. Bessent emphasized that any market rally would be due to natural economic forces rather than direct intervention from the Trump administration[3].
On the international front, Bessent recently met with Saudi Minister of Finance Mohammed bin Abdullah al-Jadaan to discuss various economic and geopolitical issues. The meeting focused on the administration’s efforts to prevent Iran from obtaining a nuclear weapon and addressing other regional challenges. Bessent underscored the importance of joint collaboration in addressing these issues and exploring new opportunities in the Middle East and globally[4].
Overall, Scott Bessent's recent activities and statements reflect a comprehensive approach to economic policy, emphasizing fair trade, cryptocurrency regulation, and a hands-off approach to market intervention, all while navigating complex international relationships. -
Scott Bessent, the 79th Secretary of the Treasury of the United States, has been making significant waves in the economic and political landscape since his confirmation in January 2025. As the first openly gay cabinet member in a Republican administration, Bessent brings over four decades of experience in global finance to his role.
Recently, Bessent addressed key economic priorities at the Economic Club of New York, outlining three critical pillars of President Trump's America First agenda. He emphasized the need for a holistic approach that improves the lives of all Americans, focusing on financial regulatory reforms, economic growth, and stringent sanctions policies. Bessent highlighted the necessity for financial regulators to work in coordination, rather than consolidation, to drive a culture that focuses on material risk-taking rather than mere compliance[1].
One of the major policy areas Bessent is tackling is the extension of the 2017 Trump tax cuts, which he believes are crucial for economic growth and reducing the fiscal deficit to 3% of GDP. He has also stressed the importance of private-sector-driven economic expansion and the need to lower borrowing costs by focusing on long-term Treasury yields rather than short-term interest rates[2][4].
In his remarks, Bessent also discussed the administration's aggressive sanctions policy, particularly against Iran. He detailed the "maximum pressure campaign" designed to collapse Iran's oil exports and disrupt its economy, which is already facing significant challenges, including 35% official inflation and a currency that has depreciated 60% in the last 12 months. The Treasury Department is targeting Iran's oil supply chain and financial facilitators to cut off its access to the international financial system[1].
Bessent's approach to financial regulation includes a critique of current regulatory requirements that he believes are unduly burdensome and reflective of outdated policies. He suggested that regulations such as the enhanced supplementary leverage restriction (SLR) could become binding constraints rather than backstops, and advocated for a more risk-sensitive leverage capital restriction[1].
In a recent interview on "Face the Nation," Bessent addressed public concerns about the economy, emphasizing that the administration is working to address the affordability crisis and reduce government spending. He pointed out that interest rates, such as those on 10-year bonds and mortgage rates, have been decreasing since President Trump took office, which he sees as a positive start[3].
Bessent has also been involved in discussions on U.S. foreign trade relations and the economic impact of President Trump's tariffs policy. He argued that the tariffs are part of a necessary course adjustment to make free trade fair trade, aiming to balance the significant trade deficits the U.S. has been running. He emphasized the importance of good tax policy, access to cheap energy, and deregulation in encouraging corporate investment and bringing manufacturing back to the United States[5].
Overall, Scott Bessent's tenure as Treasury Secretary is marked by a strong commitment to President Trump's economic vision, a focus on regulatory reforms, and a proactive approach to international economic challenges. His extensive experience in global finance and his ability to navigate complex economic policies are shaping the U.S. economic landscape in significant ways. -
U.S. Treasury Secretary Scott Bessent has been at the forefront of several significant economic and regulatory discussions over the last few days, reflecting the Trump administration's broader economic agenda.
In a recent speech at the Economic Club of New York, Bessent outlined three critical pillars of President Trump's America First agenda. He emphasized the need for responsibly deregulating the financial sector to accelerate the "re-privatization of the economy." Bessent criticized the regulatory overreach of the past few years, which he believes has stymied growth and innovation. He highlighted the supervisory failures, particularly during the 2023 banking crisis under President Joe Biden, and stressed the need for a more efficient and effective regulatory framework. To achieve this, Bessent plans to use the Financial Stability Oversight Council (FSOC) and the President's Working Group on Financial Markets to drive regulatory changes and ensure coordination among financial regulators[1].
Bessent also addressed President Trump's tariff policies, which are part of a broader effort to reorient international economic relations. He discussed how tariffs fit into the administration's international economic policy goals, emphasizing the interconnectedness of economic security and national security. The Treasury Department's financial tools are seen as crucial components of U.S. foreign policy, and Bessent mentioned the need to update these tools to better serve national interests[1].
In addition to these policy discussions, Bessent has been involved in conversations about cryptocurrency, particularly the creation of a national strategic reserve of Bitcoin. During an interview on CNBC's 'Squawk Box,' Bessent expressed his support for the U.S. taking a leading role in cryptocurrency regulation. He mentioned that the current Bitcoin reserve is composed of seized assets, and the plan is to stop selling these assets and instead accumulate them. Bessent emphasized the need for a revenue-neutral approach to acquiring more Bitcoin and other cryptocurrencies, indicating that any future acquisitions would be part of a broader crypto reserve strategy[2].
On the topic of market stability, Bessent provided a reality check on the current stock market decline. He rejected the notion of a "Trump put," where investors expect the White House to intervene to prop up the market. Instead, Bessent stated that the Trump administration's focus is on implementing good policies, which would naturally lead to market growth. He clarified that the administration is not targeting stocks directly and that any market rally would result from natural market dynamics rather than government intervention[4].
The Treasury Department, under Bessent's leadership, has also made significant decisions regarding regulatory enforcement. Recently, the department announced the suspension of enforcement of the Corporate Transparency Act against U.S. citizens and domestic reporting companies. This move is part of President Trump's agenda to reduce burdensome regulations, especially for small businesses. The Treasury Department will propose new rulemaking to narrow the scope of the act to foreign reporting companies only, aiming to support American taxpayers and small businesses[5].
These actions and statements reflect Bessent's commitment to the Trump administration's economic policies, focusing on deregulation, international economic reorientation, and innovative approaches to financial regulation and cryptocurrency management. -
In the last few days, Scott Bessent, the newly appointed U.S. Secretary of the Treasury, has been at the forefront of several significant economic and policy developments.
On March 5, 2025, Secretary Bessent and Israel's Minister of Finance, Bezalel Smotrich, held a pivotal meeting to reinforce the economic partnership between the United States and Israel. The discussions emphasized the importance of deepening economic cooperation, fostering innovation, and strengthening financial and trade ties. Both nations reaffirmed their commitment to a strategic economic partnership, recognizing its vital role in driving growth and prosperity. The meeting marked a significant step in further strengthening U.S.-Israel economic ties, with a focus on enhancing collaboration in key areas such as economic policy, technology, and financial regulation[1].
In another major development, Secretary Bessent announced the suspension of enforcement of the Beneficial Ownership Information (BOI) reporting requirement for U.S. citizens and domestic companies. This decision, praised by former President Donald Trump, is part of the Trump administration's broader agenda to reduce regulatory burdens on American businesses. The Treasury Department will no longer enforce penalties or fines associated with BOI reporting for U.S. citizens or domestic reporting companies, instead focusing on foreign companies. This move is seen as a victory for small businesses, which have been impacted by what was deemed an "outrageous and invasive" rule[2][5].
This policy shift aligns with Bessent's broader economic views, which include a skepticism towards certain aspects of globalization and a support for tariffs as a means to increase revenue and encourage domestic production. Bessent has argued that tariffs can help reduce reliance on industrial production from strategic rivals and has advised on policies aimed at cutting the budget deficit and boosting GDP growth through deregulation[3].
Additionally, Secretary Bessent has been engaged in international economic diplomacy. Recently, he spoke with Acting President Choi Sang-mok of Korea to discuss opportunities for joint prosperity under the Trump Administration’s America First Trade Policy. The conversation highlighted the importance of addressing shared economic and security challenges in the Indo-Pacific region and beyond[4].
These recent actions and meetings underscore Secretary Bessent's active role in shaping U.S. economic policy and international economic relations, reflecting his commitment to supporting American businesses and advancing the nation's economic interests. -
Scott Bessent, the newly confirmed Treasury Secretary in the Trump administration, has been at the center of several contentious issues and significant economic discussions in recent days. As the first openly gay Cabinet member in a Republican administration, Bessent has navigated a complex landscape of economic policies and political controversies.
One of the most notable recent developments involves Bessent's role in a failed economic agreement with Ukraine. Following a contentious Oval Office meeting between President Trump, Vice President JD Vance, and Ukrainian President Volodymyr Zelenskyy, the signing of a key economic agreement was abruptly canceled. Bessent, who crafted the economic deal, stated on "Face the Nation" that the agreement was not currently on the table due to the lack of a peace deal between Ukraine and Russia. He emphasized that "it's impossible to have an economic deal without a peace deal," highlighting the sequencing issue that President Zelenskyy had disrupted by publicly relitigating the terms of the agreement[5].
Bessent's tenure as Treasury Secretary has also been marked by his strong support for extending the Trump tax cuts of 2017, which he believes are crucial for economic growth. This stance has aligned him with Trump's economic agenda but has also drawn criticism from various quarters, given the controversial nature of these policies[1][3].
In addition to his work on international economic agreements and domestic tax policies, Bessent has been involved in discussions on broader macroeconomic issues. As a former key figure in George Soros' team, Bessent has shared his insights on the macroeconomic landscape, including challenges facing the Federal Reserve, the trajectory of the Japanese Yen, and observations on the crypto market. His experience in steering Soros Fund Management to significant gains, notably after short-selling the UK sterling pound before "Black Wednesday," underscores his expertise in navigating complex financial markets[2].
Bessent's appointment and actions have sparked debates over government efficiency initiatives and his ties to billionaire circles. His background as a billionaire hedge fund manager has raised questions about potential conflicts of interest and the influence of Wall Street on government policies. Despite these controversies, Bessent remains a pivotal figure in shaping the U.S. economic policies under the Trump administration[1][3].
In summary, Scott Bessent's recent days as Treasury Secretary have been characterized by high-stakes diplomatic and economic negotiations, strong advocacy for specific economic policies, and ongoing scrutiny over his background and influence. His role continues to be a focal point in both financial and political circles. -
Scott Bessent, the newly confirmed U.S. Treasury Secretary, has been at the forefront of several significant economic and political developments in recent days. Confirmed by the Senate on January 27, 2025, with a vote of 68-29, Bessent has quickly become a pivotal figure in shaping the Trump administration's economic policies[2].
One of the most contentious issues Bessent has addressed is the extension of the Trump tax cuts of 2017. In an exclusive interview on FOX Business Network's "Kudlow," Bessent emphasized the White House's desire to make these tax cuts permanent rather than opting for a temporary extension. He argued that failing to extend these cuts would result in the largest tax hike in history, negatively impacting the U.S. economy, budget deficit, and the lifestyles of working-class Americans[5].
Bessent's stance on tax cuts aligns with his broader support for Trump's economic agenda, which includes reducing taxes and imposing tariffs. During his confirmation hearing, he advocated for the renewal of $4 trillion in tax cuts set to expire at the end of 2025, warning that their expiration would be a "calamity" for middle-class Americans. He also defended the use of tariffs as a means to combat unfair trade practices, increase revenues, and bolster U.S. leverage in international negotiations[2].
As Treasury Secretary, Bessent faces numerous challenges, including managing federal cash flows after the government hit its statutory debt limit early in Trump's second term. The Treasury Department has been using "extraordinary measures" to avoid breaching the debt cap and triggering a catastrophic default. Bessent has assured senators that there would be no default on his watch[2].
Bessent's tenure has also been marked by controversy, particularly regarding his alignment with Trump's policies and his background as a billionaire hedge fund manager. His confirmation has sparked debates over government efficiency initiatives and the potential for conflicts of interest due to his extensive financial connections[1][4].
In addition to his economic policies, Bessent's appointment has historical significance as he is the first openly gay Cabinet member in a Republican administration. This milestone has been highlighted in various discussions about his role and the broader implications for diversity in government[4].
Bessent's influence extends to managing the nation's $28 trillion Treasury debt market and shaping fiscal policy, financial regulations, and international sanctions. His role in navigating Wall Street expertise and Trump's "America First" agenda has been a subject of both interest and scrutiny[2].
Overall, Scott Bessent's early days as Treasury Secretary have been marked by strong advocacy for Trump's economic policies, significant challenges in managing the nation's finances, and historical milestones in representation. His actions and decisions will continue to shape the economic landscape and face close scrutiny in the coming months. -
Scott Bessent, the newly confirmed Secretary of the Treasury, has been at the center of several significant controversies and milestones in the last few days. On January 27, 2025, Bessent made history by becoming the first openly gay Cabinet member in a Republican administration, following a bipartisan Senate vote of 68-29 in his favor. This confirmation marked a pivotal moment, with over a dozen Democrats supporting his nomination alongside the Republican majority.
Bessent, a 62-year-old billionaire investor and founder of the Connecticut-based hedge fund Key Square Group, brings over three decades of experience in finance to his new role. His career is highlighted by a notable stint as a leading executive at George Soros's firm, Soros Fund Management, where he was instrumental in a successful $1 billion bet against the British pound in 1992. Despite his past affiliations with Democratic causes, Bessent has recently aligned himself with conservative policies, particularly as an economic adviser for President Donald Trump’s 2024 campaign.
One of the most contentious issues surrounding Bessent is his decision to grant access to the federal payment system to representatives from the Department of Government Efficiency (DOGE), an entity led by Elon Musk within the Trump administration. This move has sparked intense criticism, with the watchdog group Revolving Door Project calling for Bessent's impeachment and labeling the decision as a "blatant attack on democracy" that could harm working people. Congressional Progressive Caucus Chair Rep. Greg Casar (D-Texas) also condemned the move, arguing that it gives unprecedented power to an unelected and unaccountable billionaire, jeopardizing Americans' personal information and financial security.
Bessent has also been in the spotlight for his strong support of extending the Trump tax cuts of 2017. During an interview on FOX Business Network's "Kudlow," he emphasized the importance of making these tax cuts permanent to ensure continued economic growth and prevent what he terms "economic calamity" if they are allowed to expire. Bessent argued that failing to extend the tax cuts would result in the largest tax hike in history, negatively impacting the U.S. economy and Americans. He advocated for using a current policy baseline for scoring the tax bill, which assumes that certain laws are extended even if they are due to expire, to help the bill move through Congress.
Additionally, Bessent's financial practices have come under scrutiny. During his confirmation hearings, there was concern over his use of the limited partnership exception under IRC Section 1402(a)(13) to avoid Self-Employment Contributions Act (SECA) taxes related to his limited partnership interest in Key Square Group. Bessent maintained that his position was correct, but he also committed to winding down Key Square Group, establishing a reserve fund to address any contingency related to the SECA tax issue, and amending his returns if the IRS's position is upheld on appeal.
Bessent's economic vision and policies continue to be under intense scrutiny as he navigates his new role as Treasury Secretary. His alignment with conservative policies and his controversial decisions have set the stage for a tumultuous tenure, marked by both historic milestones and significant challenges. -
Scott Bessent, the newly confirmed Secretary of the Treasury, has been at the forefront of several significant developments in the financial and political spheres. Nominated by President Donald Trump, Bessent's appointment has garnered both support and controversy due to his unique blend of Wall Street expertise and alignment with Trump's policies.
Bessent's journey to the Treasury Secretary position was marked by his ability to win over both MAGA populists and Wall Street elites. Despite his Ivy League education and elite Wall Street background, Bessent has been described as a "true populist — he’s MAGA to his core" by Steve Bannon, Trump’s former chief strategist[2].
Bessent's career in finance is extensive, having served as the chief investment officer at George Soros's hedge fund before leaving in 2015 to start his own hedge fund, Key Square Group. His experience and insights into macroeconomic and geopolitical risks have been pivotal in his new role. During the presidential campaign, Bessent countered other economic experts by arguing that Trump's tariffs were not inflationary, a stance that aligned him closely with Trump's economic agenda[4].
As Treasury Secretary, Bessent faces significant challenges, including navigating Trump’s “America First” agenda and managing the potential impact of aggressive tariff regimes on global markets. His recent client note to investors in his hedge fund, where he attributed the rise in US equities to a "Trump Rally," further solidified his support among Trump's allies[2].
Bessent's performance at Treasury will be closely watched, particularly as he manages critical intraparty policy disputes and maintains relations with an often impulsive President Trump. He has already begun engaging in high-level diplomatic efforts, such as an introductory call with Vice Premier He Lifeng of the People’s Republic of China, where he expressed concerns about China's counternarcotics efforts, economic imbalances, and unfair policies[5].
Despite his wealth and privileged upbringing, Bessent's life has not been without financial hardships; his father twice declared bankruptcy, and Bessent himself started working at a young age. This diverse background has likely influenced his approach to economic policy, as he aims to boost US economic output while slashing budget deficits[2].
Bessent's confirmation as the first openly gay Cabinet member in a Republican administration has also been a significant milestone. His ability to balance conservative views with populist appeal has made him a unique figure in Trump's administration. However, this balance also poses challenges, as he must navigate the complexities of Trump's economic policies while maintaining market confidence[2][3].
In summary, Scott Bessent's tenure as Treasury Secretary is marked by his complex blend of financial expertise, populist appeal, and alignment with Trump's policies. As he navigates the intricate landscape of global economics and domestic politics, his actions will be closely scrutinized by both Wall Street and the broader political community. -
Scott Bessent, the newly confirmed Secretary of the Treasury, has been at the center of several significant controversies and milestones in the last few days. On January 27, 2025, Bessent made history by becoming the first openly gay Cabinet member in a Republican administration, following a bipartisan Senate vote of 68-29 in his favor. This confirmation marked a pivotal moment, with over a dozen Democrats supporting his nomination alongside the Republican majority.
Bessent, a 62-year-old billionaire investor and founder of the Connecticut-based hedge fund Key Square Group, brings over three decades of experience in finance to his new role. His career is highlighted by a notable stint as a leading executive at George Soros's firm, Soros Fund Management, where he was instrumental in a successful $1 billion bet against the British pound in 1992. Despite his past affiliations with Democratic causes, Bessent has recently aligned himself with conservative policies, particularly as an economic adviser for President Donald Trump’s 2024 campaign.
As Treasury Secretary, Bessent has expressed strong support for extending the Trump tax cuts of 2017, which he believes are crucial for economic growth and preventing what he terms "economic calamity" if they are allowed to expire. He also favors tariffs, including those focused on carbon fuel used to produce imported goods, and has committed to maintaining the IRS’s Direct File program for the current tax season.
One of the most contentious issues surrounding Bessent is his recent decision to grant access to the federal payment system to representatives from the Department of Government Efficiency (DOGE), an entity led by Elon Musk within the Trump administration. This move has sparked intense criticism, with the watchdog group Revolving Door Project calling for Bessent's impeachment and labeling the decision as a "blatant attack on democracy" that could harm working people. Congressional Progressive Caucus Chair Rep. Greg Casar (D-Texas) also condemned the move, arguing that it gives unprecedented power to an unelected and unaccountable billionaire, jeopardizing Americans' personal information and financial security.
In a recent interview on "Bloomberg Surveillance," Bessent discussed various economic and policy issues. He stated that everything the Trump administration is doing will be disinflationary and defended the tariffs on Europe and China, suggesting they should not hold back the Federal Reserve from cutting interest rates. Bessent also addressed the underlying conditions impacting 10-year yields and the role of regulation in contributing to inflation.
Additionally, Bessent met with Argentine Finance Minister Luis Caputo to discuss the Milei Administration’s reform efforts aimed at reducing inflation, rekindling private sector-led growth, reducing poverty, and increasing real wages. He commended Caputo for macroeconomic and structural reform measures that reduce the burden of regulation on the private sector and the size and influence of government.
Bessent's tenure has also been marked by scrutiny over his tax practices. During his confirmation hearings, there were concerns about his use of the limited partnership exception under IRC Section 1402(a)(13) to avoid Self-Employment Contributions Act (SECA) taxes related to his limited partnership interest in Key Square Group. Bessent has stated that he is winding down Key Square Group, will establish a reserve fund to address any contingency related to the SECA tax issue, and will amend his returns if the IRS’s position is upheld on appeal. He also plans to consult with the Treasury department’s ethics staff to determine if his prior use of the limited partner exception poses conflicts with Treasury’s efforts to combat perceived abuse of the provision. -
Scott Bessent, the newly confirmed Secretary of the Treasury, has made significant headlines in recent days due to his historic appointment and the policies he is set to implement. On January 27, 2025, the Senate voted 68-29 to confirm Bessent, marking a pivotal moment in his illustrious career. This confirmation makes him the second openly gay man to serve as a cabinet secretary and the highest-ranking openly LGBTQ person in U.S. history.
Bessent brings a wealth of experience to his new role, having spent over three decades in finance. He was a leading executive at George Soros's firm, Soros Fund Management, where he was instrumental in a successful $1 billion bet against the British pound in 1992. Despite his background in firms often associated with Democratic donors, Bessent has more recently aligned himself with conservative policies, particularly during his role as an economic adviser for President Donald Trump’s 2024 campaign.
As Treasury Secretary, Bessent is expected to champion several key policies. He has expressed strong support for extending the Trump tax cuts of 2017, which he believes are crucial for economic growth and preventing what he terms "economic calamity" if they are allowed to expire. Bessent also favors tariffs, including those focused on carbon fuel spent to produce imported goods, and has committed to maintaining the IRS’s Direct File program for the current tax season.
Bessent's confirmation hearing highlighted his commitment to addressing the nation's fiscal challenges. He emphasized the need to get the federal government's "fiscal house in order" by adjusting discretionary spending and tackling the significant spending problem. He also underscored the importance of creating more jobs, wealth, and prosperity for all Americans, framing this as a "generational opportunity to unleash a new economic golden age."
Bessent's personal story has resonated with many, having been born and raised in South Carolina's lowcountry and beginning work at the age of nine due to his family's financial struggles. He went on to attend Yale University and built a successful career in finance.
His ability to navigate both the financial and political landscapes has been praised by various figures. Steve Bannon, Trump’s former chief strategist, described Bessent as a "true populist — he’s MAGA to his core," despite his elite Wall Street pedigree. Bessent's engagement with pro-MAGA media and his relationships with key Trump advisers have helped him build a strong support base within the populist right.
As he begins his tenure, Bessent faces significant challenges, including managing the nation's finances, overseeing the IRS, and implementing policies that balance economic growth with fiscal responsibility. His confirmation marks a new chapter in his career and sets the stage for his role in shaping the economic policies of the Trump administration. -
Scott Bessent, the newly confirmed Secretary of the Treasury, has been at the center of several significant controversies and milestones in the last few days. On January 27, 2025, Bessent made history by becoming the first openly gay Cabinet member in a Republican administration, following a bipartisan Senate vote of 68-29 in his favor. This confirmation marked a pivotal moment, with over a dozen Democrats supporting his nomination alongside the Republican majority.
Bessent, a 62-year-old billionaire investor and founder of the Connecticut-based hedge fund Key Square Group, brings over three decades of experience in finance to his new role. His career is highlighted by a notable stint as a leading executive at George Soros's firm, Soros Fund Management, where he was instrumental in a successful $1 billion bet against the British pound in 1992. Despite his past affiliations with Democratic causes, Bessent has recently aligned himself with conservative policies, particularly as an economic adviser for President Donald Trump’s 2024 campaign.
As Treasury Secretary, Bessent has expressed strong support for extending the Trump tax cuts of 2017, which he believes are crucial for economic growth and preventing what he terms "economic calamity" if they are allowed to expire. He also favors tariffs, including those focused on carbon fuel used to produce imported goods, and has committed to maintaining the IRS’s Direct File program for the current tax season.
One of the most contentious issues surrounding Bessent is his decision to grant access to the federal payment system to representatives from the Department of Government Efficiency (DOGE), an entity led by Elon Musk within the Trump administration. This move has sparked intense criticism, with the watchdog group Revolving Door Project calling for Bessent's impeachment and labeling the decision as a "blatant attack on democracy" that could harm working people. Congressional Progressive Caucus Chair Rep. Greg Casar (D-Texas) also condemned the move, arguing that it gives unprecedented power to an unelected and unaccountable billionaire, jeopardizing Americans' personal information and financial security.
Despite the criticism, Bessent has maintained that he and Elon Musk are "completely aligned" in terms of cutting waste and increasing accountability and transparency for the American people. He defended the DOGE program as a significant audit of government structure that could yield substantial cost savings for taxpayers.
Bessent has also been involved in discussions regarding monetary policy and his relationship with the Federal Reserve. In a recent interview with Bloomberg, he stated that he would refrain from criticizing Fed Chair Jerome Powell and noted that the Trump administration is not focused on whether the Federal Reserve will cut its benchmark policy rate. This approach marks a softer stance compared to Trump's frequent criticism of Powell during his first presidential term. Bessent emphasized the importance of the 10-year U.S. Treasury note yield, focusing on its impact on mortgages and long-term capital formation.
As Secretary of the Treasury, Bessent is responsible for maintaining a strong economy, fostering economic growth, and creating job opportunities for all Americans. He is also tasked with strengthening U.S. national security by combating economic threats and protecting the financial system. With his extensive experience in global investment management and his recent alignment with conservative policies, Bessent's tenure as Treasury Secretary is expected to be marked by significant economic and policy decisions. -
Scott Bessent, the newly sworn-in 79th Secretary of the Treasury of the United States as of January 28, 2025, has been at the center of several significant developments in the financial and political spheres.
Bessent's confirmation as Treasury Secretary followed a contentious process, where he managed to garner support from both MAGA populists and Wall Street figures. This unique blend of support was crucial in his nomination over other contenders like Howard Lutnick and Marc Rowan[3].
During his confirmation hearing, Bessent faced sharp questions from both Democrats and Republicans on various policy issues, including tax policy, tariffs, China, Russia sanctions, and the IRS tax filing system. He emphasized the need to renew provisions of the 2017 Tax Cuts and Jobs Act, arguing that failing to do so would lead to economic calamity. Bessent also advocated for the Federal Reserve to remain independent from presidential influence and called for more aggressive sanctions on Russian oil[4].
Bessent's stance on economic policies has been a subject of debate. He has expressed strong support for extending the Trump tax cuts, which he believes are essential for economic growth, despite Democratic concerns that these cuts would primarily benefit the wealthiest taxpayers and exacerbate the national debt. Bessent has also committed to prioritizing productive investment over wasteful spending to control inflation[4].
In his role as Treasury Secretary, Bessent has already navigated complex issues, including the relationship between the Treasury Department and the Federal Reserve. Unlike his predecessor, Donald Trump, who frequently criticized Fed Chair Jerome Powell, Bessent has adopted a more conciliatory approach. He has refrained from criticizing Powell and emphasized that the Trump administration is focused on policies that result in lower yields on the 10-year US Treasury note, which is crucial for mortgages and long-term capital formation. Bessent recently met with Powell, describing the meeting as constructive[5].
Bessent has also been involved in discussions regarding the US dollar's status as the global reserve currency and the impact of Trump's economic policies on global markets. His background as a hedge fund executive and his experience working with George Soros have equipped him with a deep understanding of global capital markets, which he is leveraging to navigate the intricate landscape of international finance[3].
Additionally, Bessent has been vocal about his support for stronger sanctions on Russia, criticizing the previous administration's approach as not being "muscular" enough. He believes the previous administration was cautious due to concerns about raising US energy prices during an election season[4].
In just a few weeks into his tenure, Bessent has faced turbulence, including being a target of Elon Musk's crackdown on access to Treasury data. Despite these challenges, Bessent remains committed to his economic agenda, which includes resetting the global trade order, ensuring inflation stays in check, and managing the ballooning national debt while maintaining confidence in financial markets[5].
Bessent's journey to the Treasury Secretary position is marked by his ability to bridge the gap between populist and Wall Street interests, a feat that will continue to be tested as he navigates the complexities of his new role. -
Scott Bessent, the newly confirmed Secretary of the Treasury, has been at the center of several significant controversies and milestones in the last few days. On January 27, 2025, Bessent made history by becoming the first openly gay Cabinet member in a Republican administration, following a bipartisan Senate vote of 68-29 in his favor. This confirmation marked a pivotal moment, with over a dozen Democrats supporting his nomination alongside the Republican majority.
Bessent, a 62-year-old billionaire investor and founder of the Connecticut-based hedge fund Key Square Group, brings over three decades of experience in finance to his new role. His career is highlighted by a notable stint as a leading executive at George Soros's firm, Soros Fund Management, where he was instrumental in a successful $1 billion bet against the British pound in 1992. Despite his past affiliations with Democratic causes, Bessent has recently aligned himself with conservative policies, particularly as an economic adviser for President Donald Trump’s 2024 campaign.
As Treasury Secretary, Bessent has expressed strong support for extending the Trump tax cuts of 2017, which he believes are crucial for economic growth and preventing what he terms "economic calamity" if they are allowed to expire. He also favors tariffs, including those focused on carbon fuel used to produce imported goods, and has committed to maintaining the IRS’s Direct File program for the current tax season. Bessent's economic agenda is closely aligned with President Trump's policies, emphasizing the need to reduce deficits, achieve 3% annual economic growth, and increase domestic oil production by 3 million barrels a day.
One of the most contentious issues surrounding Bessent is his recent decision to grant access to the federal payment system to representatives from the Department of Government Efficiency (DOGE), an entity led by Elon Musk within President Trump's administration. This move has sparked intense criticism, with the watchdog group Revolving Door Project calling for Bessent's impeachment and labeling his action as "a blatant attack on democracy that will harm working people." The decision allows DOGE representatives to access a system that manages trillions of dollars in payments and holds personal information of millions of Americans, including data related to tax refunds, Social Security checks, and other federal payments.
In addition to this controversy, Bessent has also been involved in discussions regarding monetary policy. In a recent interview with Bloomberg, Bessent stated that he would refrain from criticizing the Federal Reserve Chair Jerome Powell and noted that the Trump administration is not focused on whether the Fed will cut its benchmark policy rate. This approach marks a softer stance compared to Trump's frequent criticism of the Fed during his first presidential term. Bessent emphasized the importance of the 10-year U.S. Treasury note yield, which he believes is crucial for mortgages and long-term capital formation.
Bessent's tenure as Treasury Secretary has been marked by significant interactions with key figures, including a constructive meeting with Fed Chair Powell. This meeting and Bessent's comments have eased tension between the Fed and the new administration, according to Evercore ISI’s Krishna Guha.
Overall, Scott Bessent's early days as Secretary of the Treasury have been marked by both historic milestones and contentious decisions, setting the stage for a potentially tumultuous tenure in this critical role. - Se mer
