Donald Trump nominates Scott Bessent as Treasury secretary

Donald Trump announced on Friday, November 22, that he would appoint Scott Bessent, founder of the investment company Key Square Group and a fervent promoter of political control over the Federal Reserve (Fed), as Secretary of the Treasury.

Cited among the favorites for this position, Scott Bessent, close to the Trump family for a long time, will play an essential role in the implementation of the economic program of the president-elect of the United States, but also in the control of public debt.

“It will help me usher in a new golden era for the United States, solidifying our role as the world’s leading economy, a center of innovation and business creation, a destination for capital, while ensuring that the dollar remains, without a doubt, the world reserve currency. .Donald Trump said in a statement posted on his Truth Social network.

Graduated from Yale University, he began his career in 1991 in the investment company of billionaire George Soros (SFM), a true bête noire of conservatives, which he left for the first time in 2000 to launch his own investment fund. After initial failure, he returned to SFM in 2011 before resigning again to launch Key Square Group.

The first openly gay minister of a republican government

He will play a key role leading the Treasury Department, a prestigious position within the government, with advisory functions, management of the federal budget and oversight of economic policy. Scott Bessent will have to increase and maintain, in particular, the tax cuts made during Donald Trump’s first term (2017-2021) and which will expire in 2025.

Its mission will also be to manage the reduction of the public deficit, the control of the federal debt that reaches 36 billion dollars, as well as trade relations with the main partners of the United States, including China. He will also play an important role in monitoring supervisory financial institutions such as the Federal Reserve, for which he ardently advocates for a greater role for political power in the decision-making process.

Scott Bessent would become, if his appointment is approved by the Senate, the first openly gay minister of a Republican government, the magazine highlights Forbes.

His name was at stake since November 5 with that of Howard Lutnick, finally named Secretary of Commerce on Tuesday and who had the support of Donald Trump’s entourage, particularly that of billionaire Elon Musk.

Comparing the two men, Elon Musk estimated in his X account that Scott “Bessent would be a status quo pick, while Howard Lutnick would actually implement change” sought by Donald Trump.

Russell Thurlow Vought returns to the Office of Management and Budget

On Friday, Donald Trump also named Russell Thurlow Vought director of the Office of Management and Budget. He had already held this position from 2019 to 2021, during the president-elect’s first term. “Russian […]a cost reducer and aggressive deregulator, will help us implement our America First agenda across all agencies.”Donald Trump wrote in Truth Social to announce his nomination. “ [Il] He knows exactly how to dismantle the deep state and take down evil government, and he will help us restore the autonomy of the people. »

According to the Washington PostVought identifies as a Christian nationalist who seeks to infuse Christianity into government and society.

Another nomination of the day: Lori Chávez-DeRemer, Republican representative of Oregon, for secretary of Labor. “Lori has worked tirelessly with businesses and unions to build the American workforce and support America’s working men and women.”wrote Donald Trump. In his press release, he promises “enormous opportunities for American workers to expand training and learning, raise wages and improve working conditions, and create manufacturing jobs”.

Lori Chávez-DeRemer began her career in public service in 2002. She was elected mayor of Happy Valley, Oregon in 2010, becoming the city’s first Latina mayor. She was elected to the House of Representatives in 2022.