Trump chooses famous investor Scott Bressent as finance minister

After many days of consideration, US President-elect Donald Trump decided to choose investor Scott Bressent as finance minister in the new administration.

Mr. Bessent campaigned for Mr. Trump in North Carolina on August 14. PHOTO: REUTERS

President-elect Donald Trump has announced that he has chosen prominent investor Scott Bessent as US Treasury Secretary, an important cabinet position with great influence on economic, regulatory and international issues. "I am pleased to nominate Mr. Bessent as the 79th Secretary of the Treasury of the United States. Mr. Scott is widely respected and considered one of the world's leading international investors and geopolitical and economic strategists," Mr. Trump wrote on the social network Truth Social. According to Reuters, Wall Street is closely watching who Mr. Trump will choose, especially considering his plan to reshape global trade through tariffs and potentially extend and extend a series of tax cuts enacted during his first term. This choice was made after several days of consideration by Mr. Trump for the list of candidates. This list includes Apollo Global Management CEO Marc Rowan and former Federal Reserve Governor Kevin Warsh. Investor John Paulson was also a leading candidate, but withdrew. Mr. Bessent, 62, has advocated tax reform and deregulation, particularly to spur more bank lending and energy production, according to a recent op-ed he wrote for The Wall Street Journal . He wrote that the market surge following Mr. Trump’s election victory signaled investors’ expectations for “higher growth, lower volatility and inflation, and a resilient economy for all Americans.” As such, Mr. Bessent would be the top U.S. economic official, responsible for keeping the world’s largest economy running, from collecting taxes and paying the nation’s bills to managing the $28.6 trillion Treasury bond market and overseeing financial regulation, including handling and preventing market crises. He also runs the US financial sanctions policy, oversees the US-led International Monetary Fund, the World Bank and other international financial institutions, and manages national security oversight of foreign investments in the US. Meanwhile, Mr. Bessent will face many challenges, including safely managing a federal deficit that is expected to increase by nearly $8,000 billion over a decade. Mr. Bessent will also inherit the leadership of the G7, which has provided tens of billions of dollars in economic assistance to Ukraine during the war and tightened sanctions on Moscow. Mr. Bessent mainly lives in Charleston, South Carolina, with his partner, former New York City prosecutor John Freeman, and their two children. In another development, The Washington Post on November 23 quoted a source as saying that Mr. Trump plans to create an investigative team at the Justice Department to look for evidence of fraud in the 2020 election, according to Reuters. In addition, the article cited sources close to Mr. Trump 's transition team as saying that he plans to fire the entire team that worked with prosecutor Jack Smith, who prosecuted him in connection with allegations of misconduct in keeping classified documents.

Source: https://thanhnien.vn/ong-trump-chon-nha-dau-tu-noi-tieng-scott-bressent-lam-bo-truong-tai-chinh-185241123074730623.htm