Scott Bessent Signals Bold Economic Agenda in Treasury Confirmation Hearing

Trump's Treasury pick outlines plans for tax cuts, tariffs, and sanctions while emphasizing fiscal discipline and Fed independence.

Scott Bessent, nominee for Treasury Secretary, pledged to extend Trump's 2017 tax cuts, warning that their expiration could lead to a $4 trillion tax hike and economic challenges.
Bessent expressed support for imposing tariffs to address unfair trade practices, raise federal revenue, and strengthen U.S. negotiating power, though specific plans remain undefined.
He emphasized the need for fiscal discipline, calling for reductions in discretionary spending to address the growing national debt, which has reached $36.17 trillion.
Bessent reaffirmed the Federal Reserve's independence, pushing back against concerns that Trump would interfere with its operations or policy decisions.
He strongly backed tougher sanctions on Russia's oil sector, framing them as a strategic tool to pressure Russia in the Ukraine conflict while supporting increased U.S. oil production.