Scott Bessent, a seasoned hedge-fund investor with a background in teaching at Yale University, has been nominated by Donald Trump to serve as the treasury secretary, according to an official statement released on Friday. This position holds immense power in shaping America’s vast economy and financial markets.
This nomination is part of Trump’s efforts to assemble his administration for his upcoming term in office. The selection process has emphasized loyalty to Trump over expertise and experience.
One of the key challenges facing the treasury secretary will be addressing Trump’s aggressive stance on imposing new tariffs in international trade, a move that has raised concerns globally.
Following his recent election victory over Kamala Harris, Trump is preparing to return to Washington as president amidst significant political upheaval both domestically and internationally.
The financial world is closely monitoring Trump’s choices, particularly regarding his trade policies that could reshape global economic dynamics through tariff implementations.
Bessent has been vocal about advocating for tax reforms and deregulation to stimulate bank lending and energy production, as highlighted in a recent editorial he penned for the Wall Street Journal.
In response to the market surge post-Trump’s election win, Bessent noted that investors are anticipating increased growth, reduced volatility, lower inflation rates, and an overall stronger economy benefitting all Americans.
Previous treasury secretaries have included notable figures from finance such as Robert Rubin and Hank Paulson from Goldman Sachs. Janet Yellen currently holds the position after serving as chair of the Federal Reserve and White House council of economic advisers before becoming the first woman appointed as treasury secretary. (Source: Reuters)
2024-11-22 19:00:59
Link from www.theguardian.com.