Donald Trump has announced that he will nominate George Soros’ former financial manager, Scott Bessant, an opponent of budget deficit policies, to be his Treasury secretary, the agencies reported.
“Scott enjoys a reputation as one of the leading international investors and strategists in the field of geopolitics and economics,” the Republican’s transition team said. Now the US Treasury Secretary is Janet Yellen.
Later in his statement, Trump commented that “Bessant will bring a new golden age to the United States.”
Sixty-two-year-old Bessant is the founder of the hedge fund “Key Square Capital Management” (Key Square Capital Management), after until 1991 works intermittently for Soros Fund Management. If confirmed by the Senate, he would be the first openly gay US Treasury Secretary, the Associated Press noted.
In August, he told Bloomberg that he decided to join the Trump campaign in part to fight against the rising US national debt. His views include cutting government programs and other public spending.
“The election cycle is the last opportunity for us in the United States to get out of the mountain of debt that threatens to turn us into something like a European-style socialist democracy,” he said at the time.
Trump wants Bessant to tackle foreign trade imbalances and focus on economic growth, but also limit the U.S. national debt, which ballooned during the Republican’s first term when he pushed through massive tax cuts for wealthy Americans.
The new Treasury Secretary will have to find a way to fulfill Trump’s campaign promises to cut taxes and impose new tariffs on imports.
The tariff plan has come under fire from both liberal and conservative economists, who believe they will raise prices for the American consumer and hurt the budget. But Bessant has defended those proposals in recent months.
The person holding this post also has responsibility for the stability of the world’s financial markets, as the US is the largest market for government securities.
Howard Lutnick, a confidant of Trump who enjoyed the support of figures such as billionaire Elon Musk, was also in the running for the position of finance minister. But the Republican ultimately settled on Lutnick as his choice for Commerce Secretary.
In addition to Bessant, Trump announced last night a number of other appointments to his team.
Russell (Russ) Vaught will head the White House Office of Management and Budget, a post he held during the Republican’s first term. While Bessant is considered close to Wall Street, and therefore acceptable to both parties in Congress, Vaught is known as a hard-line Republican and is closely associated with the so-called Project 2025, a coalition to push a conservative agenda in American politics, from which Trump tried to distinguish himself during the election race.
The president-elect said of Voth that “he knows exactly how to dismantle the deep state and put an end to instrumentalized government (the use of the state machine as a means to achieve political goals – ed.).”
Among the other more important nominations Trump announced last night was Lori Chavez-Deremer, a congresswoman from Oregon, who will be secretary of labor.
All of these proposals show the Republican’s desire to finish staffing the financial and economic bloc of his government, notes the Associated Press.
On the other hand, he also announced two nominations to his team who will advise him on national security issues: Alex Wong, the US special envoy for North Korea during the billionaire’s first term, “helped arrange his meeting with the leader of the DPRK Kim Jong-un,” will be his deputy national security adviser; Sebastian Gorka, who Trump says has 30 years of experience in the field, will be his deputy assistant and senior White House director of counterterrorism.
Colorful among the nominations announced by the Republican brought the name of Scott Turner, a veteran of the US National Football League (NFL), who was proposed to be the Secretary of Housing and Urban Development.
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Here are two PAA (Political Analysis & Assessment) related questions, each on a new line:
## Interview: Trump’s Unexpected Pick for Treasury Secretary – Scott Bessant
**Host:** Welcome back to World Today News. Today, we’re diving deep into Donald Trump’s latest appointments, specifically his surprising choice for Treasury Secretary: Scott Bessant, formerly with Soros Fund Management. Joined by us today are two esteemed economists, Professor Emily Carter from Princeton University specializing in international finance and Mr. David Chen, a leading financial analyst from Wall Street. Welcome to both of you!
**Professor Carter:** Thank you for having me.
**Mr. Chen:** It’s a pleasure to be here.
**Host:** Professor Carter, let’s start with you. Trump has nominated Bessant, an advocate for reducing the national debt, a stance seemingly at odds with his previous policies. How do you interpret this decision?
**Professor Carter:** This is indeed a fascinating development. While Trump campaigned on cutting taxes, leading to increased national debt, appointing Bessant signals a potential shift in focus. Bessant’s background in managing large financial portfolios and his vocal stance against deficit spending suggest a desire for fiscal responsibility from the Trump administration.
**Host:** Mr. Chen, Bessant’s experience with Soros Fund Management is certainly noteworthy. Some see it as a positive, while others find it controversial. What are your thoughts on this aspect?
**Mr. Chen:** Bessant’s time with Soros Fund Management is a double-edged sword. His experience managing substantial financial entities speaks to his capabilities. However, Soros is a figure who often sparks political debate, and some might perceive Bessant’s association as a potential conflict of interest.
**(Transition to trade policies)**
**Host:** Turning to trade, Trump wants Bessant to tackle the trade deficit and implement new tariffs. Looking at his past statements, do you believe Bessant will fully support this approach?
**Mr. Chen:** Bessant has publicly defended Trump’s tariff policies, arguing they are necessary to level the playing field for American businesses. However, his commitment to this approach in the face of potential economic repercussions remains to be seen.
**Professor Carter:** While Bessant might support tariffs in principle, navigating the complexities of global trade will be a delicate balancing act. It’s essential to consider the potential impact on consumers and the broader economy before implementing sweeping trade policies.
**(Transition to social implications)**
**Host:** Bessant would be the first openly gay US Treasury Secretary. How significant is this representation at such a high level of government?
**Professor Carter:** This is a historic moment, regardless of one’s political affiliation. Bessant’s nomination symbolizes progress towards greater inclusion and representation in American politics, which is undoubtedly a positive development.
**(Transition to future outlook)**
**Host:** Looking ahead, what implications do you foresee for the US economy and global financial markets under Bessant’s leadership?
**Mr. Chen:** Bessant’s appointment introduces a level of uncertainty. His commitment to fiscal responsibility could lead to policies aimed at controlling spending and reducing the deficit. However, his support of tariffs and potential shift in trade policies could have significant implications for global markets, making his tenure a crucial period to watch.
**Host:** Thank you both, Professor Carter and Mr. Chen, for sharing your invaluable insights. Clearly, Scott Bessant’s appointment raises many interesting questions and serves as a reminder of the evolving landscape of American economic and political policy in the coming years.
**(End of interview)**
