The Intriguing Bessent Nomination
Author: Greg Valliere
November 25, 2024
MOST OF DONALD TRUMP’S cabinet nominations have won attention because of their flaws, but there are several solid picks who will sail to confirmation.
HEADING THIS LIST IS SCOTT BESSENT, who was nominated this weekend as Treasury Secretary in a move that was greeted enthusiastically in the markets. A successful hedge fund manager and former colleague of George Soros, Bessent is a well-respected gay conservative who is a proponent of several ideas:
HE’S A PROPONENT of tariffs, but would phase them in. Whether Trump and Elon Musk would agree to go slow remains to be seen.
BESSENT WOULD FREEZE domestic discretionary spending and will look at revenue raisers such as selling off Freddie Mac and Fannie Mae.
BESSENT HAS ALREADY INDICATED that he would resist any effort to impose White House control on Federal Reserve policy — a reassuring signal to Wall Street.
BESSENT WOULD JOIN MARCO RUBIO and North Dakota Gov. Doug Burgum in the moderate wing of the Cabinet, with support in both parties.
BESSENT WANTS TO EXTEND the Trump tax cuts while adding new cuts for tips, Social Security and overtime.
BESSENT IS A STRONG ADVOCATE of reducing the federal deficit, and would move quickly next year to impose a freeze on spending. Fiscal policy is about to tighten.
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