Federal Reserve announcements and policy actions

Trump's Treasury Nominee Bessent Vows to Preserve Dollar's Global Role, Pitches 'Economic Golden Age'

Jan 16, 2025, 03:35 PM

Scott Bessent, President-elect Donald Trump's nominee for Treasury Secretary, appeared before the Senate Finance Committee for his confirmation hearing. In his prepared remarks, Bessent emphasized the importance of maintaining the US dollar as the world's reserve currency, stating that its global status is critical to the US economy. He laid out a vision for a 'new economic golden age' and asserted that Trump has a generational opportunity to unleash economic prosperity. Bessent defended tariffs and discussed how a strong dollar impacts US manufacturers and workers. He advocated for pro-growth regulatory policies, cutting wasteful federal spending, and unleashing American energy production. Bessent stressed the need to carefully deploy sanctions as part of a whole-of-government approach to national security. He affirmed his commitment to ensuring the Federal Reserve's independence in monetary policy. Bessent described his own experience as an 'only in America' story that he is determined to preserve for future generations. The hearing also focused on topics such as taxes, tariffs, sanctions, and budget deficits. Bessent is widely expected to win confirmation in the Republican-controlled Senate.