Trump’s Treasury pick Scott Bessent to prioritize tax cut pledges
Washington: President-elect Donald Trump’s nominee for U.S. Treasury Secretary, Scott Bessent, has revealed his top priorities for the role, including delivering on Trump’s election promises of tax cuts. In an interview with the Wall Street Journal, Bessent emphasized his commitment to making Trump’s first-term tax cuts permanent, as well as eliminating taxes on tips, social-security benefits, and overtime pay.
As a hedge-fund manager and former donor, economic adviser, and TV booster for Trump, Bessent brings a wealth of financial expertise to the table. His career in finance has seen him work with macro investment billionaire George Soros and short seller Jim Chanos, and he has advocated for tax reform and deregulation to boost bank lending and energy production.
As U.S. Treasury secretary, Bessent will be responsible for maintaining the world’s largest economy, overseeing financial regulation, and managing the $28.6-trillion Treasury debt market. He will also play a key role in shaping U.S. financial sanctions policy and influencing international financial institutions such as the IMF and World Bank.
The news of Bessent’s nomination has been met with enthusiasm from the crypto industry, which has been subject to increased oversight under the current SEC chair, Gary Gensler. Gensler has announced that he will step down in January, and Trump’s team is reportedly considering creating a new White House post dedicated to crypto policy.
Bitcoin has surged 40% since Trump’s victory, and the crypto industry is hopeful that Bessent’s appointment will mark a new era of cooperation between the government and the industry. As Bessent prepares to take the reins as Treasury secretary, all eyes will be on his next moves and how they will impact the U.S. economy and the crypto industry.
