What's happened
President-elect Donald Trump has nominated Scott Bessent, a former hedge fund manager, as Treasury Secretary. Bessent's economic policies focus on tax cuts, tariffs, and deregulation, aiming to balance fiscal restraint with growth. His nomination has drawn mixed reactions from investors and political analysts.
Why it matters
What the papers say
According to the New York Times, Trump's selection of Bessent and Howard Lutnick for key economic roles highlights the influence of Wall Street in his administration, raising concerns about prioritizing wealthy interests over working-class needs. The Guardian notes Bessent's history with Soros and his advocacy for deregulation and tariffs, suggesting a complex approach to economic policy. Business Insider UK emphasizes Bessent's mixed performance as a hedge fund manager, indicating potential volatility in his economic strategies. The NY Post highlights investor optimism regarding Bessent's nomination, viewing him as a stabilizing force amid Trump's controversial choices.
How we got here
Scott Bessent, previously a key figure at George Soros' firm, has been nominated by Trump following a campaign that promised significant economic reforms. His selection reflects a trend of Wall Street influence in Trump's administration, raising concerns about the impact on working-class Americans.
More on these topics
-
Donald John Trump is an American politician, media personality, and businessman who served as the 45th president of the United States from 2017 to 2021.
-
Scott K. H. Bessent is an American hedge fund manager. He is the founder of Key Square Group, a global macro investment firm, and worked as a financier for George Soros.
Bessent has been a major fundraiser and donor for Donald Trump. He was an economic ad
-
George Soros, Hon FBA is a Hungarian-American billionaire investor and philanthropist. As of May 2020, he had a net worth of $8.3 billion, having donated more than $32 billion to the Open Society Foundations.
-
Howard William Lutnick is an American billionaire businessman, who succeeded Bernard Gerald Cantor as the head of Cantor Fitzgerald. Lutnick is the chairman and CEO of Cantor Fitzgerald and BGC Partners.
-
Elon Reeve Musk FRS is an engineer, industrial designer, technology entrepreneur and philanthropist. He is the founder, CEO, CTO and chief designer of SpaceX; early investor, CEO and product architect of Tesla, Inc.; founder of The Boring Company; co-foun