WASHINGTON — President-elect Donald Trump has chosen Wall Street veteran Scott Bessent as the nominee for U.S. Department of the Treasury secretary, announced Friday. Bessent, pending Senate approval, will inherit a national debt of $36 trillion and faces plans for tax cuts under Trump’s administration. Despite no previous government experience, Bessent’s nomination was among the last of Trump’s major Cabinet picks, with reportedly contentious deliberations.
Trump stated Bessent will help usher in a “new Golden Age” for the U.S., emphasizing economic leadership and maintaining the U.S. Dollar as the world’s reserve currency. He assured that “no Americans will be left behind” in the anticipated economic boom, with Bessent at the helm. A Yale graduate and founder of Key Square Management, Bessent’s hedge fund was reported by Forbes to manage under $600 million in assets as of 2023.
An advocate for tariffs, Bessent supports one of Trump’s major campaign policies. In a Fox News piece, he called tariffs a “significant” revenue tool, arguing they are necessary to protect American interests. Trump campaigned for tariffs of at least 10% on all foreign goods, with higher tariffs on Chinese and Mexican imports.
Treasury functions
The Treasury Department handles national finances, including managing government accounts, debt collection, and investigating financial crimes. With over 100,000 employees globally, the agency has requested a $14.4 billion budget for fiscal year 2025. As the U.S. approaches its borrowing limit next year, the Treasury secretary will likely focus on debt ceiling negotiations with Congress and the White House to avoid credit risks.
The department’s Office of Foreign Assets Control oversees economic sanctions, targeting thousands of Russian entities amid the Ukraine conflict. Additionally, the Financial Crimes Enforcement Network (FinCEN) investigates financial transactions, monitoring suspicious activities like tax evasion and money laundering, with detailed reports available here.
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