2024-11-23 01:05:00
Cited among the favorites for this position, Scott Bessent, founder of the investment company Key Square Group, was appointed Friday, November 23 by Donald Trump as Treasury Secretary of his future administration. He is called upon to play an essential role in the implementation of the economic program of the elected president of the United States, but also in controlling the public debt.
“He will help me launch a new golden age for the United States, solidifying our role as the world’s leading economy, center of innovation and business creation, destination of capital, while ensuring that the “The dollar remains, without question, the world’s reserve currency,” Donald Trump said in a statement.
For its part, the American Bankers Association (ABA) also welcomed, in a press release, the appointment of Scott Bessent, estimating that his background as a financier “will help him to lead a ministry essential to the economy worldwide and to the country’s banks.
The president-elect subsequently appointed Russ Vought, one of the main drafters of the controversial “Project 2025”, to head the Office of Management and Budget (OMB), an important agency that helps the president decide on political priorities. and their financing.
“Project 2025”, with which Donald Trump assured during his campaign not to be associated, is a 900-page program designed by the Heritage Foundation think tank, which aims to be an unofficial and radical road map, drawn up by people close to the conservative circles.
Also read“Project 2025”, a roadmap too extreme even for Donald Trump?
The text notably plans to reform the status of federal civil servant, until now largely protected from changes in political power, which could allow Donald Trump to place more loyal ultraconservatives in key positions.
He also proposes reshaping federal agencies to centralize executive power in the hands of the White House and thus allow the implementation of a very conservative policy on subjects ranging from immigration to abortion.
Finally, Donald Trump announced that he was nominating Republican elected official Lori Chavez-DeRemer, who failed in her attempt at re-election to Congress in early November, to the post of Minister of Labor.
Future openly gay prime minister of a Republican government
A graduate of the renowned Yale University, Scott Bessent began his career in 1991 within the investment company of billionaire George Soros (SFM), a real bête noire of conservatives. He left SFM for the first time in 2000 to launch his own investment fund. After an initial failure, he returned in 2011 before resigning again to launch Key Square Group.
Scott Bessent will play a key role at the head of the Treasury Department, a prestigious position within the government, with both an advisory role, management of the federal budget and supervision of economic policy. In particular, it will have to increase and sustain the tax cuts made during Donald Trump’s first term (2017-2021) and which will expire in 2025.
Its mission will also be to manage the reduction of the public deficit, the control of the federal debt which reaches 36,000 billion dollars, as well as trade relations with the main partners of the United States, including China.
Also readHoward Lutnick, banker and critic of Beijing, appointed by Donald Trump to Commerce
He will also play an important role in the control of supervisory financial institutions like the Fed, with regard to which he ardently defends an increased role for political power in the decision-making process.
Scott Bessent would become, if his appointment is approved by the Senate, the first openly gay minister of a Republican government, underlines Forbes magazine.
His name had been put forward to the Treasury since Donald Trump’s victory, with that of Howard Lutnick, finally appointed Secretary of Commerce on Tuesday and who had support in Donald Trump’s entourage, notably that of billionaire Elon Musk.
Comparing the two men, Elon Musk estimated on his X account that Scott “Bessent would be a choice of status quo, while Howard Lutnick would really implement the change” wanted by Donald Trump.
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What qualifications and experiences make Scott Bessent a suitable choice for Treasury Secretary in light of his previous roles?
**Interview with Economic Analyst Jane Thompson on Scott Bessent’s Appointment as Treasury Secretary**
**Host:** Welcome, Jane! Today, we’re discussing the recent appointment of Scott Bessent as Treasury Secretary by former President Donald Trump. What are your initial thoughts on this choice?
**Jane Thompson:** Thank you for having me! Scott Bessent’s appointment certainly raises significant interest. As the founder of Key Square Group and having a background with George Soros, he brings a unique blend of financial acumen and market perspective to the role. Trump’s statement about launching a “new golden age” for the U.S. economy indicates he is expecting transformative initiatives from Bessent [[1](https://en.wikipedia.org/wiki/Presidency_of_Donald_Trump)].
**Host:** Exactly! Trump emphasized Bessent’s role in maintaining the dollar’s status as the world’s reserve currency and fostering innovation. What do you think are the implications of this appointment for U.S. economic policy?
**Jane Thompson:** Well, it reflects Trump’s intent to steer the U.S. back towards a more aggressive economic policy aimed at growth. Bessent’s expertise will be crucial as he navigates the complex landscape of public debt and fiscal policy. This aligns with the broader Republican focus on economic growth through low tax and deregulation strategies, but we must also consider potential challenges like inflation and global market stability [[1](https://en.wikipedia.org/wiki/Presidency_of_Donald_Trump)].
**Host:** Speaking of challenges, Trump has also appointed Russ Vought to head the Office of Management and Budget, which is tied to the controversial “Project 2025.” How do you see this affecting fiscal policy direction?
**Jane Thompson:** The appointment of Vought, a key figure behind “Project 2025,” indicates a shift towards a more centralized and possibly more conservative government structure. This could lead to significant changes in how federal agencies operate, especially regarding their accountability to the executive branch. If implemented, the reforms proposed in Project 2025 could reshape the budget priorities and streamline operations in ways that may be beneficial for business but controversial for public service and community programs [[1](https://en.wikipedia.org/wiki/Presidency_of_Donald_Trump)].
**Host:** And what about the new Labor Secretary nominee, Lori Chavez-DeRemer? What challenges do you foresee for her in this role?
**Jane Thompson:** Lori Chavez-DeRemer’s appointment, especially after her recent electoral defeat, suggests a loyalty strategy from Trump. Going forward, she will face significant challenges, particularly in addressing labor market issues post-pandemic and reconciling them with the administration’s broader conservative agenda. She will need to navigate complex negotiations with labor unions while implementing potentially less favorable labor policies [[1](https://en.wikipedia.org/wiki/Presidency_of_Donald_Trump)].
**Host:** Thank you for your insights, Jane! It will be interesting to see how these appointments shape economic policy in the upcoming administration.
**Jane Thompson:** Absolutely, it’s a dynamic time, and as these figures take office, their decisions will impact both the domestic and global economy significantly. Thank you for having me!