Scott Bessent, President-elect Trump's nominee for Treasury secretary, will tell senators during his confirmation hearing that the next four years will be an opportunity for an “economic golden age,” according to prepared remarks reported by multiple media outlets. It is said that
Bessent told members of the Senate Finance Committee Thursday morning that Trump “has a generational opportunity to unleash a new economic golden age that will bring more jobs, wealth and prosperity to Americans.” It's planned. The Wall Street Journal reported.
“We can usher in a new, more balanced era of prosperity that uplifts all Americans and rebuilds communities and families across the country,” he added, according to the newspaper.
Mr. Bessent, a billionaire and founder and CEO of hedge fund Key Square Group, said he wanted to help the U.S. secure vulnerable supply chains and address national security concerns. It will emphasize the importance of imposing sanctions. ” Associated Press reported.
“Productive investments that grow the economy must be prioritized over wasteful spending that causes inflation,” Bessent said in his testimony, the news agency said.
If approved, the investor would oversee the agency responsible for U.S. financial security.
Mr. Bessent has supported Democratic presidential campaigns in the past and worked for Democratic megadonor George Soros before starting his own company. He is now a key figure in the Republican Party's orbit and served as an economic advisor to the Trump campaign.
The South Carolina native becomes the first openly LGBTQ Cabinet member confirmed by the Senate under a Republican president.
He will also talk about his upbringing in his opening remarks.
“I was born and raised in the low country of South Carolina,” Bessent said. According to Axios. “When I was young, my father fell into extreme financial difficulties. When I was 9 years old, he started working two summer jobs and hasn't stopped working since.”
“My life is a 'only in America' story, and one I am determined to leave behind for future generations,” he added.
The Treasury Department front-runner has vowed to divest a number of assets if confirmed, and is scheduled to appear before the Senate Finance Committee at 10:30 a.m. ET.
