Scott Bessent, an economic advisor to Trump, acts as if he is already prepared to serve as the Secretary of the Treasury in the Trump administration.
On Thursday, November 7, the Financial Times reported that Trump's main fundraiser, billionaire hedge fund founder of Key Square Capital Management, Bessent, is actively seeking to become the Secretary of the Treasury in the new U.S. government and is looking for suitable candidates for deputy secretary.
If nominated and confirmed by the Senate, Bessent would hold one of the most powerful positions in the Trump administration—the Secretary of the Treasury, responsible for maintaining stability in the government bond market and helping to formulate and implement the president's economic agenda. The Treasury Department is also involved in implementing sanctions, including those against Russia.
<h2>Bessent is ready for the role</h2>
Some insiders say that Bessent's actions suggest he is already prepared to take on this influential role. Yesterday, when asked in an interview with CNBC whether he would join the new government, Bessent stated:
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“I will do whatever President Trump asks me to do.”
</blockquote>
However, a person familiar with Bessent indicated that he is merely drafting a list of candidates for deputy secretary of the Treasury at the request of Trump's transition team:
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“Some people may mistakenly think these are direct interviews, but they are not.”
</blockquote>
Another person familiar with the situation also noted that it is still unclear whether Bessent has been nominated for Secretary of the Treasury.
Other possible candidates include another billionaire hedge fund manager and Trump campaign donor John Paulson, former U.S. Trade Representative Robert Lighthizer, and former U.S. Ambassador to Japan Bill Hagerty.
<h2>Bessent supports broad tariffs on imported goods</h2>
At 62 years old, Bessent has publicly supported Trump since last year and has become one of Trump's top economic advisors. Bessent successfully bet on the collapse of the pound, bringing in over $1 billion for Soros; he also successfully bet on the yen, once again becoming a focal point on Wall Street.
In a recent speech at the Detroit Economic Club, Trump publicly praised Bessent as “one of Wall Street's top analysts.” Senior advisor to the Trump campaign, Jason Miller, stated:
<blockquote>
“Bessent understands how to translate Trump's vision into policy and has provided tremendous support for the campaign.”
</blockquote>
According to media reports, Bessent supports many of Trump's economic policies, including broad tariffs on imported goods.
In an interview with CNBC, Bessent stated that he would suggest implementing tariffs “in a phased manner,” so that any inflationary impacts would gradually emerge and could be offset by deregulatory and other anti-inflation policies.
Bessent also stated that he supports traditional Treasury views, including the importance of the dollar as the global reserve currency.
During Trump's first term, he stated that he was not &#34;happy about the strength of the dollar,&#34; as it posed difficulties for American exporters.
However, Bessent also supports some unconventional fiscal policies, such as earlier this year, he proposed the idea of nominating a &#34;shadow&#34; Federal Reserve Chair—this chair would not attend the Federal Reserve's monetary policy committee but would provide guidance on the future direction of monetary policy.
This unprecedented move would undermine the influence of the Federal Reserve Chair, and economists and investors warn that it could increase market volatility

PHUN

Trump's economic advisor Scott Bessent is actively seeking to become the new U.S. Treasury Secretary, advocating for broad tariffs on imported goods and emphasizing the importance of the dollar as the global reserve currency

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Phunware

He is starting to look for a deputy, preparing to take on the role of Treasury Secretary under Trump, having made his fortune shorting the yen and the pound alongside Soros