Scott Bessent spent the past 40 years studying economic history. Now, as Donald Trump's choice to lead the Treasury Department, he has the chance to make his mark on it.
As a hedge-fund manager, first at George Soros's firm and later at his own, Bessent specialized in macro investing, or analyzing geopolitical situations and economic data to wager on big-picture market moves. He generated billions of dollars in profits betting on and against currencies, interest rates, stocks and other asset classes around the world.
He was motivated to step out from behind his desk and get involved with Trump's campaign in part because of a view that time is running out for the U.S. economy to grow its way out of excessive budget deficits and indebtedness.
Around 4:30 p.m. on Friday, Trump called Bessent at his Palm Beach hotel, telling him he was Trump's choice. Bessent left for Mar-a-Lago Club to join Trump, Vice President-elect JD Vance and incoming chief of staff Susie Wiles, where they shook hands and discussed policy strategy.
In his first interview following his selection, Bessent said his policy priority will be to deliver on Trump's various tax-cut pledges. Those include making his first-term cuts permanent, and eliminating taxes on tips, social-security benefits and overtime pay.
Enacting tariffs and cutting spending will also be a focus, he said, as will be "maintaining the status of the dollar as the world's reserve currency."
Bessent became one of Trump's closest advisers by adding depth to his economic proposals and defending his plans for more activist trade policies. He has argued that the president-elect's plans to extend tax cuts and deregulate parts of the U.S. economy would create an "economic lollapalooza."
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