Reports from the International Monetary Fund (IMF) or other financial institutions

Trump's Treasury Nominee Bessent to Highlight Dollar's Reserve Status and New Economic Golden Age

Jan 16, 2025, 03:15 AM

Scott Bessent, President-elect Donald Trump's nominee for Treasury Secretary, is set to appear before the Senate Finance Committee for his confirmation hearing on January 16, 2025. In his prepared remarks, Bessent emphasizes the importance of maintaining the U.S. dollar as the world's reserve currency, highlighting its critical role in the U.S. economy. He outlines his vision for a 'new economic golden age' under Trump's administration, focusing on securing supply chains vulnerable to strategic competitors, deploying sanctions carefully, and prioritizing productive investments over wasteful spending. Bessent advocates for making permanent the 2017 Tax Cuts and Jobs Act to avoid what he describes as the largest tax increase in history, a $4 trillion tax hike. His confirmation is expected to be relatively smooth, despite potential questions from Democrats on his economic policies, personal finances, and potential conflicts of interest.