Scott Bessent: Trump’s Treasury Nominee Aims for Tax Cuts and Economic Reform

Scott Bessent, nominated as U.S. Treasury Secretary by President-elect Donald Trump, plans to focus on making election tax cut promises a reality. His agenda includes making tax cuts permanent, eliminating specific taxes, enacting tariffs, cutting spending, and maintaining the dollar's status as the reserve currency.

Scott Bessent, nominated by President-elect Donald Trump as U.S. Treasury Secretary, is prioritizing the implementation of Trump's tax cut promises. In an interview with the Wall Street Journal, Bessent confirmed his focus on making the first-term tax cuts permanent and eliminating taxes on tips, social-security benefits, and overtime pay.

Bessent, who has been a vocal supporter and economic adviser for Trump, plans further economic measures, such as enacting tariffs and cutting spending, to maintain the dollar's status as the world's reserve currency. His career in finance, with ties to George Soros and Jim Chanos, underscores his advocacy for tax reform and deregulation to enhance bank lending and energy production.

As Treasury Secretary, Bessent will be the top economic official, handling the $28.6 trillion Treasury debt, financial regulation, and U.S. financial sanctions policy. He will also have influence over global financial entities like the IMF and the World Bank, and manage national security screenings of foreign investments in the U.S.

(With inputs from agencies.)