As Senate confirmation hearings on President-elect Donald Trump’s cabinet nominees continue on Thursday, the soon-to-be president’s pick for Treasury Secretary, Scott Bessent, is likely to face tough questions from both sides of the aisle.
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While Democrats will likely grill Bessent on taxes, tariffs, and sanctions, Republicans will have bottom-line questions about the nominee’s relationship with far-left Democrat mega-donor George Soros.
Bessent, a billionaire hedge fund manager, has donated hefty sums to both parties.
According to a copy of Besent’s prepared remarks reviewed by The New York Times, he will tell the committee:
I firmly believe that, if confirmed, and with your counsel and support, we can usher in a new, more balanced era of prosperity that will lift up all Americans and rebuild communities and families across the country.
The fact that Bessent, whose hearing is scheduled to start at 10:30 a.m. ET on Thursday, would manage the department at the center of Trump’s tax and trade policies, including tariffs and sanctions, has far-left Democrat committee members in a tizzy, even before the hearing begins.
Unsurprisingly, far-left Massachusetts Sen. Elizabeth Warren is at nor near the top of the tizzy totem pole.
According to The Times, Warren, who recently met with Bessent, predictably said in an interview that the hedge fund manager “has spent his life helping the rich get richer,” one of her favorite mantras. However, the know-it-all Ivy League Democrat also complimented Bessent as “smart and thoughtful.” Who knew?
Here’s more:
Bessent supported Democratic presidential campaigns in the past, and he worked for Democratic mega-donor George Soros before founding his own firm. Now, he’s a key figure in the Republican orbit and served as an economic adviser to Trump’s campaign.
Bessent would be the first openly LGBTQ Cabinet member confirmed by the Senate under a Republican president. His nomination comes as Trump calls for major tariffs and changes in the U.S. approach to global trade, though Trump’s official announcement for Bessent did not include mention of tariffs.
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As my colleague Streiff reported after Trump tapped Bessent in late November, the hedge fund manager is a crypto-currency enthusiast and staunch advocate of deregulation — the latter of which Republicans love and Democrats loathe. Bessent would also be a key figure in using America’s economic power to support its diplomatic priorities, another area that the Biden administration intentionally fouled up.
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Other than the Soros issue, Bessent is likely to receive unanimous support from Republican committee members. Key among his positions:
Economic Strategy: He has advocated for policies reminiscent of Japanese Prime Minister Shinzo Abe’s “Three Arrows” – a combination of fiscal stimulus, monetary easing, and structural reforms. For the U.S., this might translate into:
Deregulation: Reducing regulatory burdens to stimulate economic growth.
Tax Policy: Extending tax cuts, particularly aiming to extend provisions from the 2017 Tax Cuts and Jobs Act.Energy Policy: Boosting energy production to achieve energy dominance.
Inflation and Deficits: Bessent has criticized current economic policies for exacerbating inflation and deficits, suggesting policies aimed at reducing inflation through increased commodity production and possibly rethinking or scrapping initiatives like the Inflation Reduction Act.
Tariffs: While he has supported Trump’s use of tariffs as a negotiating tool, Bessent has suggested implementing them gradually to monitor and counteract any inflationary effects. This indicates a strategic rather than a blanket approach to trade policy.
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Bessent’s appointment, if confirmed, would likely steer U.S. economic policy towards a more market-driven approach with an emphasis on reducing the size of the federal government, anathema to congressional Democrats and wisely embraced by Republicans.
Scott Bessent, born in 1962 in Conway, South Carolina, is an American investor, board member, and educator. He has been considered for the position of U.S. Treasury Secretary in the incoming Donald Trump administration following the 2024 election. Here is a summary of his… pic.twitter.com/t5gjdPM6bC
— Occidentally (@occidentally) November 12, 2024
Again, 10:30, ET. Grab the popcorn and tune in.
