Washington, United States:
The multi -million dollar coverage fund manager, Scott Besent, won the approval of the Senate on Monday to become secretary of the United States Treasury, placing it at the forefront of the implementation of the economic agenda of Donald Trump, which is already unleashing global jitters .
Besent, a Wall Street veteran who was born and grew in South Carolina, has defended the proposals for the tax cut and rates of the Republican President while urging efforts to ensure supply chains and the global status of the dollar.
On Monday, he cleared a confirmation vote with a comfortable margin of 68-29, with bipartisan support.
As Chief of the Treasury, Besent will have a hand in the fiscal policies of the administration and its budget, confronting the debt limit and the management plans that could lead to new rates.
Mike Crapo, who presides over the Senate Finance Committee, said on Monday that Besent was “committed to restoring prosperity and opportunity” seen under Trump’s leadership.
But Ron Wyden, the committee’s main democrat, warned that it was not clear that Besent would serve as a control over Trump’s economic plans, which could weigh consumers and small businesses.
Besent, 62, has said that he would support harder sanctions against Russian oil specialties as a way of putting an end to war in Ukraine, while pointing an aggressive approach in China.
Trump returned to the White House this month promising lower taxes to help Americans squeeze at the high costs of life, and tariffs to press other countries to align with the concerns of the United States.
The president warned about tariffs on allies and adversaries, including the main commercial partners Mexico and Canada on February 1.
Now all the eyes are how their treasure boss walks the line between supporting these efforts and avoiding tensions that can wind the world economy.
At his audience, Besent did not agree that the tariffs proposed by Trump on imports would be paid in the country, noting that taxes can be used in negotiations, to remedy unfair commercial practices or increase income.
He also pointed to government expenses and high -budget deficit.
You will have to deal with Trump’s promised tax cuts, along with its consequences for the US economy, as your role begins.
The Treasury Department has exceeded areas from federal finances to bank supervision. It also supervises the sanctions of the United States.
Family Friend
Besent is the first Cabinet official openly confirmed by the Senate in a Republican Administration.
She has had her headquarters in Charleston, South Carolina, with her husband and two children.
Besent meets the Trump family for three decades and was a friend of the deceased Brother Robert of the president, he said previously.
“I went to President Trump,” he said in Trump’s ally program Roger Stone.
Besent attended Yale University and served as Investment Director of Soros Fund Management, the Macroeconomic Investment Firm of the Liberal billionaire George Soros.
In 2015, he raised capital, including $ 2 billion of soros, to begin his own coverage fund.
More recently, Besent said he hadn’t talked to Soros in years.
Besent is Key Square Group executive director, but has pledged to give up the position in the coverage fund and disinvert his participation in society by confirming.
‘Only in America’
During his confirmation hearing, Besent told an internship in finance, a job that came with an office extraction sofa, which allowed him to live in New York without rent.
“I have been involved in financial markets since then,” he told the legislators. “My life has been the only story of America that I am determined to preserve for future generations.”
Urging that all tools are used “to realign the economic system to better serve the interests of Americans who work,” Besent has criticized “unfair distortions” in global trade.
He previously floated the idea that Trump nominated a “president of the fed of the shadow” to dilute the influence of the Federal Reserve Chief, Jerome Powell.
But since then he has dropped the idea and declared that he supports the independence of the Central Bank in the formulation of policies.
“President Trump will announce his views, as many senators did,” Besent said at his audience on January 16.
He added that in monetary policy, the Fed fees setting committee “should be independent.”
(This story has not been edited by NDTV staff and was automatically generated from a union feed).