Treasury nominee tells his confirmation hearing that Trump can unleash an ‘economic golden age’
WASHINGTON — WASHINGTON (AP) — Scott Bessent, candidate for the US Treasury Department said Thursday in his confirmation hearing President-elect Donald Trump has the opportunity to unleash “a new economic golden age.”
In testimony, Bessent said the U.S. must secure vulnerable supply chains, impose sanctions to address national security concerns “and, crucially, we must ensure that the U.S. dollar remains the world’s reserve currency.”
Lawmakers on Capitol Hill are questioning Bessent’s stance on taxes, tariffs, trade and other issues during his confirmation hearing before the Senate Finance Committee.
Trump’s pick for Treasury Secretary is a South Carolina billionaire who, before becoming a Trump donor and adviser, donated to various Democratic causes in the early 2000s, most notably Al Gore’s presidential campaign.
He also worked for George Soros, a strong supporter of the Democrats.
Bessent was one of several people Trump considered for the position. Trump took his time before settling down about Bessent as his candidate. He also reflected on billionaire investor John Paulson and Howard Lutnick, who Trump tapped as his nominee for commerce secretary.
The Secretary of the Treasury is responsible for serving as an advisor for the president’s fiscal policy and for managing the national debt. He would also be a member of the President’s National Economic Council.
If confirmed, Bessent will oversee major agencies within the Treasury Department, including the Internal Revenue Service. The IRS received a huge financial boost thanks to the Democrats’ Inflation Reduction Act, although that money has been continually cut.
Trump expects him to help reset the world trade order, Enabling, guaranteeing trillions of dollars in tax cuts inflation remains under controlmanage a rising national debt while maintaining the confidence of the financial markets.
“Productive investments that grow the economy must take priority over wasteful spending that fuels inflation,” Bessent testified.
Senators were expected to question the money manager for hours about his views on cryptocurrency, the Trump-era tax cuts and potential conflicts of interest.
Sen. Elizabeth Warren, D-Mass., a member of the Finance Committee, sent Bessent more than 100 written questions He was questioned in advance on topics such as agency independence, housing, treasury staffing issues and financial stability oversight.
In addition, Democrats on the Senate Finance Committee are circulating a document claiming that Bessent has avoided paying about $1 million in taxes related to his hedge fund. He will be asked about this during his hearing.
Bessent has supported extending provisions of the 2017 Tax Cuts and Jobs Act, which Trump signed into law in his first year in office. Estimates from various economic analyzes of the costs of the various tax cuts range from nearly $6 trillion to $10 trillion over ten years.
He calls for cuts and shifts in existing taxes to offset the costs that extending the tax cuts would add to the federal deficit.