WASHINGTON: Billionaire hedge fund manager Scott Bessent was appointed on Monday to the US Treasury Department, placing him at the forefront of Donald Trump’s economic plan, which is already stumbling the world.
Bessent, a former Wall Street executive who was raised and raised in South Carolina, has praised efforts to secure supply stores and the position of the dollar internationally while supporting the Republican president’s tax-cut and price ideas.
On Monday, he cleared a assurance vote with a comfortable margin of 68-29, with republican help.
As Treasury chief, Bessent may have a finger in the government’s income policies and its finances, confronting the loan limit and wheel plans that could lead to new tariffs.
Mike Crapo, who chairs the Senate Finance Committee, said Monday that Bessent was” committed to restoring the wealth and option” seen under Trump’s management.
But Ron Wyden, the leading Democrat on the council, warned it was unclear that Bessent may serve as a search on Trump’s economic ideas, which may ponder on consumers and small businesses.
Bessent, 62, has stated that he supports tougher sanctions against Russian oil companies as a means of putting an end to the conflict in Ukraine, as well as a hardline policy toward China.
Trump made a second visit to the White House this month, promising to support Americans who are being squeezed by large living costs and taxes to compel other nations to do the same.
On February 1, the president issued a warning about tariffs on friends and enemies, including significant trading partners Mexico and Canada.
All eyes are now on how his Treasury chief decides whether to support these attempts or avoid growing conflicts that could ruin the global market.
At his reading, Bessent disagreed that Trump’s proposed tasks on exports would be paid for internally, noting that charges can be used in negotiations, to cure unfair business practices or to increase revenues.
He even criticized large budget deficits and government spending.
As he begins his position, he may have to deal with Trump’s promised tax breaks as well as their effects on the US economy.
From bank supervision to national income, the Treasury Department has monitoring. It even oversees US restrictions.
Family companion
Bessent is the first Senate-confirmed openly gay government established in a Democratic leadership.
He has been based in Charleston, South Carolina, with his father and their two kids.
Bessent has known the Trump home for three years and has recently spoken with Robert, the government’s soon brother.
” I was all-in for President Trump”, he said on Trump ally Roger Stone’s television show.
Bessent was a graduate of Yale University and a senior advisor to George Soros ‘ progressive billionaire company Soros Fund Management.
In 2015, he raised capital, including$ 2 billion from Soros, to start his own hedge fund.
More late, Bessent said he had not spoken to Soros in decades.
Bessent is the CEO of Key Square Group, but he has agreed to step down from his position and divest his agreement shares upon confirmation.
‘Only-in-America’
Bessent recalled attending an intern in finance, which included an office pullout couch, allowing him to dwell rent-free in New York during his confirmation hearing.
” I’ve been involved in the economic markets always since”, he told lawmakers. ” My life has been the only-in-America narrative that I am determined to preserve for future years”.
Bessent has criticized “unfair errors” in international commerce, calling for all equipment to be used” to readjust the financial system to better serve the interests of working Americans.”
He had recently suggested that Trump name a” dark Fed seat” to lessen Jerome Powell’s influence.
He has since abandoned the idea and declared that he supports the main company’s decision-making democracy.
Bessent said in his reading on January 16 that” President Trump is going to make his opinions known, as some lawmakers did.
He added that on economic policy, the Fed’s rate-setting commission” should be self-employed”.
