Bessent to tell senators Trump will usher in 'economic golden age'

Scott Bessent, President-elect Trump’s pick to lead the Treasury, plans to tell senators during his confirmation hearing that the next four years will present an opportunity for an “economic golden age,” according to prepared remarks reported by multiple outlets.

Trump has “a generational opportunity to unleash a new economic golden age that will create more jobs, wealth and prosperity for all Americans,” Bessent is expected to tell members of the Senate Finance Committee Thursday morning, the Wall Street Journal reported.

“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,” he added, according to the Journal.

Bessent, the billionaire founder and CEO of hedge fund Key Square Group, will stress the importance of the U.S. securing vulnerable supply chains, levying sanctions to address national security concerns “and critically, we must ensure that the U.S. dollar remains the world’s reserve currency,” The Associated Press reported.

“Productive investment that grows the economy must be prioritized over wasteful spending that drives inflation,” Bessent plans to say in his testimony, per the news wire.

If confirmed, the investor would oversee the agency responsible for U.S. financial security.

Bessent has 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.

A South Carolina native, he would be the first openly LGBTQ Cabinet member confirmed by the Senate under a Republican president.

He also plans to discuss his upbringing in his opening remarks.

“I was born and raised in the South Carolina Low Country," Bessent's remarks read, according to Axios. "My father fell into extreme financial difficulty when I was young. When I was 9 years old, I started working two summer jobs and I haven't stopped working since."

"My life has been the 'only in America' story that I am determined to preserve for future generations,” he adds.

The Treasury hopeful, who has vowed to divest from many of his assets once confirmed, will appear before the Senate Finance Committee at 10:30 a.m. EST.

Topics

Trump Treasury Pick Scott Bessent to Face Grilling

Scott Bessent, President-elect Donald J. Trump’s choice to be Treasury secretary, will be in charge of steering the president’s economic agenda if confirmed by the Senate.
The New York Times - 1h
Live Updates: DeSantis names Rubio successor; Bessent, Burgum appear before Senate panels

Thursday marks another busy day of hearings for President-elect Trump's Cabinet nominees as his inauguration approaches. The day will feature Lee Zeldin, the nominee to run the Environmental ...
The Hill - 1h
What Scott Bessent, Trump’s Treasury Pick, Might Get Asked Today

Scott Bessent, a billionaire hedge fund manager, will likely face tough questions on tax cuts and tariffs — and how bond markets might check his economic agenda.
The New York Times - 4h
Senate Democrats circulating memo alleging Bessent tax dodges

The memo called out millions of dollars in losses Treasury Secretary nominee Scott Bessent claimed related to his investment in a conservative publishing house, among other issues.
Politico - 16h
Watch live: Treasury hopeful Scott Bessent testifies at Senate confirmation hearing

Billionaire investor Scott Bessent, President-Trump's pick to head the Treasury Department, will testify before the Senate Finance Committee on Thursday morning. During the confirmation hearing, ...
The Hill - 1h
Scott Bessent, Trump’s Billionaire Treasury Pick, Will Shed Assets to Avoid Conflicts

Financial disclosure forms show hundreds of millions of assets including property in the Bahamas and investments in Bitcoin and bets against China’s currency.
The New York Times - 4d
‘The Trump Effect’ in the age of terrorism

Have those in charge of our defense against terrorism taken their eyes off the ball to engage in petty, self-destructive and potentially illegal partisan politics?
The Hill - Jan. 4
John Thune Takes Charge in the Senate, Ushering in a New Leadership Era

The affable traditional conservative from South Dakota is the first new chief of the Senate G.O.P. in nearly two decades. He will confront a challenge managing President-elect Donald J. Trump’s ...
The New York Times - Jan. 3
Hollywood ushers in hard-to-predict awards season with Golden Globes

Emilia Pérez, The Brutalist, Wicked and Conclave aim for awards this weekend but without an Oppenheimer-sized juggernaut, it all remains up in the air. Full list of Golden Globe nominations ...
The Guardian - Jan. 3