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Trump nominates Wall Street investor Scott Bessent as treasury secretary
<!DOCTYPE html> <html lang="en"> <head> <title>Trump nominates Wall Street investor Scott Bessent as treasury secretary</title> <meta http-equiv="Content-Type" content="text/html;charset=utf-8"> <meta name="viewport" content="width=device-width"> <link id="favicon" rel="shortcut icon" type="image/png" href="data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAAABAAAAAQCAYAAAAf8/9hAAAAAXNSR0IArs4c6QAAAHlJREFUOBFjYBgFFIcA48cYpf/opvAv+YouxODXshZDbFONDSMLSJRv8V245KdYZTD7//8XcDFGRgkwe2O1NVzMv/UomA02AMQCaUQ2CCQG0ohsEEgMphHEBgEmCIWdRNeMTRXYBTBnw2iYQpjTYXx022Hio/RAhwAAjXEfJrIXnj4AAAAASUVORK5CYII="> <style> body { display: block; padding: 0px 20px; max-width: 550px; margin: 0 auto; font-family: -apple-system, BlinkMacSystemFont, "Segoe UI", Roboto, Helvetica, Arial, sans-serif, "Apple Color Emoji", "Segoe UI Emoji", "Segoe UI Symbol"; } .full-version-link { margin-left: 15px; } .slug-line { font-size: 1.1rem; margin-bottom: 15px; } .hr-line { position: relative; height: 4px; } .hr-line:after { background: linear-gradient(to right, #e60000 0%, #e60000 33.33%, #000000 33.33%, #000000 66.66%, #3366CC 66.66%); position: absolute; content: ''; height: 4px; right: 0; left: 0; top: 0; } hr.gray { border: .5px solid gray; } .story-title { line-height: 2rem; font-size: 1.5rem; margin: 0; } .topic-heading { line-height: 2rem; font-size: 1.5rem; } .topic-container>ul { padding: 0; line-height: 1.4rem; } .topic-container li { display: block; padding-bottom: 15px; } .topic-container { margin-top: 20px; } .topic-date { margin: 20px 0; font-style: italic; } .paragraphs-container { line-height: 1.5rem; } .button:link, .button:visited { background-color: white; color: black; border: 2px solid black; padding: 4px 8px; text-align: center; text-decoration: none; display: inline-block; } .button:hover, .button:active { background-color: black; color: white; } .lower-nav-container { margin-top: 40px; } .lower-nav-container li { margin-left: 0; display: inline; padding-right: 20px; } h6 { text-transform: uppercase; } </style> </head> <body> <header> <p>Text-Only Version <a class="full-version-link button" href="https://www.npr.org/nx-s1-5189652">Go To Full Site</a></p> </header> <main> <article> <div class="story-container"> <p class="slug-line"> <a class="slug-link" href="/">NPR</a> > <a class="slug-link" href="/1014">Politics</a> </p> <div class="story-head"> <h1 class="story-title">Trump nominates Wall Street investor Scott Bessent as treasury secretary</h1> <p>By Maria Aspan</p> <p>Friday, November 22, 2024 • 7:04 PM EST</p> </div> <div class="hr-line"></div> <div class="paragraphs-container"> <p>Scott Bessent, the little-known Wall Street investor who became one of President-elect Donald Trump's top economic advisers, has been nominated to be the next treasury secretary in Trump's new administration.</p><p>In a statement, Trump wrote: "Scott has long been a strong advocate of the America First Agenda," and that Bessent would "help me usher in a new Golden Age for the United States, as we fortify our position as the World's leading Economy, Center of Innovation and Entrepreneurialism, Destination for Capital, while always, and without question, maintaining the U.S. Dollar as the Reserve Currency of the World."</p> <hr> Related Story: <a href="/g-s1-33773">NPR</a> <hr><p>Bessent, a former protégé of Democratic mega donor George Soros, founded and runs the hedge fund Key Square Group. He emerged from relative obscurity to become one of Trump's favorite advisers on the campaign trail, where <a href="https://rollcall.com/factbase/trump/transcript/donald-trump-speech-detroit-economic-club-october-10-2024/">Trump praised</a> Bessent as "one of the top analysts on Wall Street" <a href="https://rollcall.com/factbase/trump/transcript/donald-trump-speech-political-rally-asheville-north-carolina-august-14-2024/">as well as</a> "a nice-looking guy, too."</p><p>Bessent has returned the praise, arguing that Trump's proposed tax cuts and looser regulations on businesses will boost the U.S. economy.</p><p>"Mr. Trump has a mandate to reprivatize the U.S. economy through deregulation and tax reform," Bessent <a href="https://www.wsj.com/opinion/markets-hail-trumps-economics-he-will-repair-biden-damage-pro-growth-investment-boost-f3954dbe">wrote in an op-ed</a> for <em>The Wall Street Journal</em>, touting the stock market's <a href="/2024/11/06/nx-s1-5181315/stocks-bitcoin-crypto-truth-social-trump-election">immediate reaction</a> to Trump's victory.</p><p>"That will be essential to restarting the American growth engine, reducing inflationary pressures, and addressing the debt burden from four years of reckless spending," he added.</p><p><h3>Bessent sparked controversy with Fed comments</h3></p><p>Bessent also made waves in policy circles this fall by <a href="https://www.barrons.com/articles/trump-fed-chair-powell-fire-4b79079f">floating</a> the idea of replacing Federal Reserve chair Jerome Powell with a "shadow chair," who could undermine Powell's position until the end of his term in 2026.</p><p>The central bank is supposed to be independent and insulated from political pressures, but Trump has <a href="/2020/06/16/878032349/jerome-powell-has-the-most-humiliating-job-in-america">repeatedly criticized</a> Powell — whom he appointed — for not doing his bidding. </p><p>Powell said after the election that <a href="/2024/11/07/nx-s1-5180026/federal-reserve-inflation-interest-rates-trump">he would not resign</a> if Trump asks, and Bessent has decided the "shadow chair" idea isn't worth pursuing, <em>The Wall Street Journal</em> <a href="https://www.wsj.com/economy/central-banking/powell-trump-fed-firing-ac7088e6">recently reported</a>.</p><p><h3>Close with Trump's orbit – and a Soros protégé</h3></p><p>Bessent has been <a href="https://www.wsj.com/politics/elections/wall-street-takes-a-back-seat-with-trumps-elevation-of-vance-6183ae08?mod=article_inline">friends for years</a> with Vice President-elect JD Vance, and with members of the Trump family. </p><p>But he spent years working for Soros, a billionaire investor firmly on <a href="/2023/04/06/1168490400/soros-doesnt-have-power-over-the-trump-case-like-trump-supporters-think-author-s">the other side</a> of the political aisle, eventually becoming chief investment officer of Soros Fund Management. (When Bessent left to start Key Square in 2015, Soros <a href="https://www.bloomberg.com/news/articles/2016-01-05/ex-soros-s-bessent-raises-4-5-billion-for-new-hedge-fund-firm">invested $2 billion</a> with his former employee.)</p><p>If confirmed by the Senate, Bessent will become one of the first openly gay, Senate-confirmed Cabinet officials (following President Biden's Transportation Secretary <a href="https://thehill.com/homenews/administration/4030255-here-are-the-history-making-lgbtq-officials-in-the-biden-administration/">Pete Buttigieg</a>). Bessent and his husband, former New York City prosecutor John Freeman, have two children and live primarily in Charleston, S.C.</p><p><h3>Tariffs and taxes could mark Bessent's tenure</h3></p><p>As Treasury Secretary, Bessent will be responsible for implementing Trump's proposed economic policies, including tax cuts and sweeping tariffs.</p><p>During his first administration, Trump overhauled the tax code in 2017, with changes that are largely <a href="/2024/06/26/1197965430/trump-tax-code-election">set to expire</a> next year – meaning that his second administration will have an opportunity to again reshape tax policy for years to come.</p> <hr> Related Story: <a href="/nx-s1-5183846">NPR</a> <hr><p>Trump's promises to raise tariffs and cut taxes appeared to resonate with voters in this election, despite the currently healthy state of the U.S. economy: Inflation is easing, wages are rising, unemployment remains historically low, and interest rates are coming down.</p><p>The next Treasury Secretary will have to implement Trump's proposals without weakening the underlying fundamentals, but many economists <a href="/2024/11/06/nx-s1-5181327/trump-election-economy-tariffs-deportations">have warned</a> that Trump's economic proposals could restart inflation and balloon the federal deficit.</p> </div> </div> </article> </main> <div class="hr-line"></div> <nav> <p>Topics</p> <ul> <li><a href="/1001">News</a></li> <li><a href="/1008">Culture</a></li> <li><a href="/1039">Music</a></li> </ul> </nav> <footer> <nav class="lower-nav-container"> <li><a href="/614470770">Contact Us</a></li> <li><a href="/179876898">Terms of Use</a></li> <li><a href="/179881519">Permissions</a></li> <li><a href="/179878450">Privacy Policy</a></li> </nav> <p>© NPR</p> </footer> </body> </html>