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Trump Pick for Treasury Secretary Lays Out Plan to ‘Usher in New, More Balanced Era of Prosperity’

Photo by Chip Somodevilla/Getty Images

President-elect Trump’s pick for Treasury Department secretary gave a positive outlook that the new administration can “usher in a new, more balanced era of prosperity that will lift up all Americans and rebuild communities and families across the country.”

Nominee Scott Bessent, began his statement during his Senate confirmation hearing by reflecting on his upbringing in the South Carolina Lowcountry, emphasizing how his early life shaped his work ethic and determination. “My father fell into extreme financial difficulty when I was young.”

“When I was 9 years old, I started working two summer jobs and I haven’t stopped working since. My life has been the ‘only in America’ story that I am determined to preserve for future generations.”

Bessent goes on to express his belief that the incoming Trump administration has a unique opportunity to catalyze economic growth. “Today, I believe that President Trump has a generational opportunity to unleash a new economic golden age that will create more jobs, wealth, and prosperity for all Americans,” he stated.

Bessent noted the importance of maintaining and expanding the 2017 Tax Cuts and Jobs Act, which he views as vital to economic growth. He warns that failing to act could lead to “the largest tax increase in history, a crushing $4 trillion tax hike.”

“We must make permanent the 2017 Tax Cuts and Jobs Act and implement new pro-growth policies to reduce the tax burden on American manufacturers, service workers, and seniors.”

Bessent calls for action to protect supply chains from “strategic competitors,” and advocates for “carefully deployed sanctions” to safeguard national security and economic interests. Ensuring that the U.S. dollar remains the world’s reserve currency is critical, he noted, as well as the need to prioritize investments that grow the economy rather than engage in “wasteful spending” that fuels inflation.

“Members of the Committee, these are just some of the many important goals that President Trump has laid out for me and others on his economic team,” Bessent’s testimony concludes. “I firmly believe that, if confirmed, and with your counsel and support, we can usher in a new, more balanced era of prosperity that will lift up all Americans and rebuild communities and families across the country.”

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