Billionaire Scott Bessent, President-elect Donald Trump’s nominee for the next secretary of the Department of the Treasury, is set to face questioning from the Senate Finance Committee on Thursday. Bessent, who advised Trump on economic policy during the campaign, is the founder of Key Square Capital Management, a hedge fund. Prior to this, he served as the chief investment officer at Soros Fund Management, a hedge fund established by Democratic megadonor George Soros.
Bessent gained recognition for leading efforts at Soros Fund Management to bet against the British pound and Japanese yen, resulting in significant profits for the firm. If confirmed by the Senate, Bessent will be tasked with addressing pressing issues such as the federal debt limit, the expiration of key provisions in the 2017 tax cut package, and fulfilling Trump's campaign promises.
Aside from these challenges, the secretary of the Treasury oversees critical functions such as managing trillions of dollars in payments, tax collection, selling US debt securities, and regulating the banking and finance sectors. The role also involves representing the nation as its finance minister on the global stage.
In a recent opinion piece for The Wall Street Journal, Bessent advocated for policies including deregulation, tax cuts, and addressing the national debt burden, which he attributed to what he described as 'four years of reckless spending.'
Notably, Bessent did not mention tariffs in his piece. During his campaign, Trump had promised to impose significant tariffs on goods from China and other countries. Bessent's upcoming tenure as Treasury secretary is expected to be marked by significant challenges and high expectations as he navigates complex economic issues and policy decisions.
