Will Scott Bessent Be a Loyalist or a Moderating Voice?
Trump’s choice of Treasury secretary is capable and qualified. That will make following the president-elect’s instructions quite a challenge.
What is he thinking?
Photographer: Kevin Dietsch/Getty Images
Investors seem both reassured and intrigued by the prospect of Scott Bessent as the next Treasury secretary. Reassured, because Bessent is competent and qualified, and neither quality can be taken for granted among President-elect Donald Trump’s cabinet nominees. Intrigued, because his specialty as a so-called macro investor was betting against governments that made promises they couldn’t keep, scooping huge profits when their credibility collapsed. A cynic might wonder why he doesn’t put this skill set to use by shorting Trump’s reckless economic agenda, rather than seeking to carry it out.
Bessent is evidently an optimist about the task before him. He has talked about what he calls a 3-3-3 plan to energize the economy: Boost economic growth to 3% a year with deregulation and lower taxes, cut the budget deficit to 3% of gross domestic product, and increase US energy production by the equivalent of 3 million barrels a day.