President-elect Donald Trump has nominated Key Square founder Scott Bessent as his pick for Treasury secretary.
President-elect Trump will nominate Scott Besant will serve as Treasury secretary when he returns to the White House in January, FOX Business’ Charles Gasparino and Fox News’ Rich Edson. confirm them.
Bessent, founder and CEO of global investment firm Key Square Group, was a key economic policy advisor and fundraiser for The Trump campaign.
He has been an advocate of economic policies such as low taxes, spending restrictions and deregulation that have long formed the core of the Republican Party platform, and he has also supported Trump’s use of tariffs in trade negotiations.
At an event organized by the Manhattan Institute earlier this year, Bessent suggested that Trump should follow a three-point plan to focus on economic growth of 3%, reduce the deficit to 3% of the US gross domestic product and increase domestic energy production by three million. barrels of oil per day.
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Scott Bessent, founder and CEO of Key Square Group, has been nominated by President-elect Trump as secretary of the treasury. (Vincent Alban/Bloomberg via Getty Images/Getty Images)
He also supported Trump’s plan to cut it regulations on cryptocurrencies and digital assets. Bessent also pointed out that deporting more illegal immigrants would be less expensive than the current situation given the crime and death costs of fentanyl.
Bessent has taught at Yale University. He worked at Soros Fund Management (SFM) from 1991 to 2005, starting as a partner and eventually leading the firm’s London office. After starting his own business and working for another company, he returned to SFM from 2011 to 2015 as chief investment officer, before leaving to found investment company, Primitive Square Group.
Key Square focuses on capital investing, a strategy that uses geopolitical and macroeconomic information to guide its approach to investing in various markets.
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President-elect Trump is making proposals to fill Cabinet positions in his upcoming administration. (Charly Triballeau/AFP via Getty Images/Getty Images)
The role of the secretary of the treasury is very important in carrying out the president’s economic plan.
Treasury secretaries often lead negotiations with Congress on tax and spending issues and are involved in dealing with foreign governments and financial institutions, as well as overseeing the operations of the Treasury Department and other small agencies such as Internal Revenue Service (IRS).
During Trump’s first term as president, Steven Mnuchin served as treasury secretary for a four-year term after being confirmed by the Senate by a vote of 53-47 a few weeks after Inauguration Day.
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Bessent taught at Yale University and worked at Soros Fund Management before founding Key Square Group. (Stefani Reynolds/Bloomberg via Getty Images/Getty Images)
Bessent will pass again Senate confirmation processthat would ease the Republican majority to 53 seats after GOP candidates flipped four seats in this election.
The Senate Finance Committee will be responsible for holding a confirmation hearing on Bessent’s nomination and referring it to the floor for a confirmation vote.
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Senate committees often hold confirmation hearings for nominees incoming presidential administration before Inauguration Day, which creates an opportunity for those nominees to be confirmed on the day the new president takes office or shortly thereafter.
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