Official announcement by the president-elect of the United States was not made; billionaire was once an economics professor at Yale
The President-elect of the United States, (Republican Party), nominated billionaire Scott Bessent to take over the US Treasury Department in his next government. The department is equivalent to the Ministry of Finance in Brazil.
Bessent is an American billionaire fund investor hedge –an alternative investment to the Stock Exchanges. During the presidential campaign, Bessent served as Trump’s economic advisor. He was once a professor of economic history at Yale University, one of the best universities in the United States and the world.
In the position, Bessent will be responsible for managing government spending, advising Trump on his decision-making related to the economy and will coordinate the country’s fiscal policy. The Treasury is one of the most important departments in the US government and the next Republican administration.
Trump was elected with the aim of making the North American economy strong again. The president-elect defends increasing taxes on products of Chinese origin, reducing taxes on North American companies and deregulating the US economy.
Bessent has been an advocate of economic liberalization and tax reforms in the United States. After Trump’s victory, the billionaire stated that the market’s rise is an expectation from investors for greater economic stability, lower inflation and greater economic growth during the Trump administration.
The US president-elect also received Bessent’s suggestion that he previously announce Jerome Powell’s successor at the Fed (Federal Reserve, the US Central Bank), who will leave office in May 2026.
The early announcement, according to Trump’s adviser, would serve to increase pressure on Powell. Trump and the banker have historically disagreed on monetary policy.
The former Yale professor’s appointment faced resistance from Elon Musk, the main supporter of Trump’s presidential campaign. The Tesla owner signaled support for Howard Lutnick, the CEO of financial services company Cantor Fitzgerald.
Musk is seen as the president-elect’s most influential advisor and this marks the first disagreement between them in the new government. During Trump’s first term, Musk left the Republican government after the then president did not follow his suggestions.
Here is Trump’s full statement announcing Bessent as secretary:
“I am delighted to nominate Scott Bessent to serve as the 79th Secretary of the United States Treasury. Scott is widely respected as one of the world’s leading international investors and geopolitical and economic strategists. Scott’s story is one of the American dream.”.
“Scott has been a strong supporter of the Maga agenda for a long time. On the eve of our great country’s 250th anniversary, he will help us usher in a new golden age for the United States as we strengthen our position as the world’s leading economy, center of innovation and entrepreneurship, destination for capital, while always , and without question, we maintain the US dollar as the world’s reserve currency.”
“Unlike previous administrations, we will ensure that no American is left behind in the next, greatest economic boom, and Scott will lead that effort for me and the great people of the United States of America.”.
“My administration will restore freedom, strength, resilience and efficiency to our capital markets. We will reinvigorate the private sector and help stem the unsustainable path of federal debt.”.
“As a Lifetime Champion of Main Street America and American industry, Scott will support my policies that will boost U.S. competitiveness and end unfair trade imbalances, work to create an economy that puts growth at the forefront, especially through our future global energy dominance. Together, we will make America rich again, prosperous again, affordable again, and most importantly, great again!”.
