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President-elect Donald Trump has announced his selection of Scott Bessent, a hedge fund executive and top fundraiser for his campaign, as secretary of the Treasury Department. Trump expressed confidence in Bessent’s abilities to usher in a new era of economic prosperity for the United States. If confirmed, Bessent will play a crucial role in shaping fiscal policies and managing relationships with global finance ministers, especially in the context of potential tax cuts and tariffs proposed by the incoming administration.
Bessent currently leads Key Square Capital Management and previously worked at Soros Fund Management. He emphasized the link between economic policy and national security in relation to Trump’s economic plan, which he praised for promoting independence, energy, manufacturing, and financial stability. The Treasury Secretary oversees federal fiscal policies, interacts with the Federal Reserve, and navigates economic conditions at a broader level.
Trump’s previous Treasury Secretary, Steven Mnuchin, helped pass the $2 trillion CARES Act in response to the pandemic, but faced criticism for ethics violations early on. Mnuchin opted not to join the new Cabinet but expressed willingness to support from outside. Bessent’s nomination reflects Trump’s vision for future economic growth and competitiveness, with a focus on making America prosperous and great again.
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