Official confirmation by the U.S. Senate

Trump Names Openly Gay Billionaire Bessent as Treasury Secretary; Proposes '3-3-3' Plan, Markets Rally

Nov 25, 2024, 12:20 PM

President-elect Donald Trump has nominated billionaire hedge fund manager Scott Bessent as the next Secretary of the Treasury, marking the first time an openly gay person would hold the cabinet position if confirmed. Bessent, a former chief investment officer at Soros Fund Management and known for his role in the famous British Pound trade, is regarded as a market-friendly choice and is known for his moderate stance on tariffs. Investors reacted positively to the nomination, with stock markets rallying to record highs in what is being dubbed the 'Bessent Rally,' bond yields falling, and the US dollar dipping. Bessent has proposed a '3-3-3' economic policy, inspired by Japan's Shinzo Abe, aiming for 3% GDP growth, reducing the budget deficit to 3% of GDP by 2028, and increasing oil production by 3 million barrels per day. He prioritizes delivering on Trump's tax-cut pledges and maintaining the status of the dollar as the world's reserve currency. Bessent is also seen as pro-cryptocurrency, reportedly stating that 'crypto is about freedom' and that 'the crypto economy is here to stay.'