Bessent Pledges Economic Revival and Russian Sanctions as Treasury Candidate

Scott Bessent, nominated as Treasury Secretary by President-elect Trump, emphasizes maintaining the dollar as the world's reserve currency and upholding Fed independence. Bessent supports tougher Russian oil sanctions and extending tax cuts, while advocating tariffs to bolster U.S. negotiating positions.

Scott Bessent, President-elect Donald Trump's nominee for Treasury Secretary, has stated his commitment to keeping the dollar as the global reserve currency and ensuring the Federal Reserve's independence. Bessent revealed his readiness to impose stronger sanctions on Russia's oil sector, aligning with Trump's strategic plans to resolve the Ukraine conflict.

During a Senate Finance Committee confirmation hearing, Bessent stressed the critical importance of extending Trump's 2017 individual tax cuts. If allowed to expire, he warned, a massive tax increase could severely damage the U.S. economy. Bessent also advocated for steep tariffs, citing their potential to combat unfair trade practices and strengthen U.S. international negotiation power.

Bessent, poised to potentially become the first openly gay Treasury Secretary in a Republican administration, faces no opposition in the Senate hearing. He consistently supported previous Republican Treasury policies while addressing queries on fiscal policies, tariffs, and energy expenditures.

(With inputs from agencies.)