Federal Reserve or Treasury Department announcements

Trump's Treasury Nominee Scott Bessent Faces Senate Confirmation on January 16, 2025, Over Economic Agenda Including Tariffs, Tax Cuts, Sanctions

Jan 16, 2025, 03:14 PM

Scott Bessent, President-elect Donald Trump's nominee for Treasury Secretary, faced a Senate confirmation hearing on January 16, 2025. The hearing, conducted by the Senate Finance Committee, focused on Bessent's potential role in steering the incoming administration's economic agenda. Key topics expected to be discussed included tariffs, tax cuts, and sanctions, reflecting the critical areas of the Treasury Department's responsibilities. Bessent, a billionaire hedge fund manager with a history of donating to both Democratic and Republican candidates, including having worked with George Soros, has expressed support for Trump's trade policies, including the use of tariffs as a negotiating tool. His prepared remarks emphasized the importance of the U.S. dollar as the global reserve currency and the need to protect U.S. manufacturers and workers from the effects of a strong dollar. Bessent also mentioned his '3-3-3 strategy' aimed at achieving 3% GDP growth, reducing the budget deficit to 3% of GDP, and increasing oil production by 3 million barrels per day. Additionally, he had previously suggested the concept of a 'Shadow Fed Chair' to influence Federal Reserve policy. Bessent's confirmation is anticipated to be relatively smooth, given his meetings with senators from both parties in the weeks leading up to the hearing.