Tag: Bessent

  • Treasury Sec. Scott Bessent leaves powerful two-word message in Irish airport’s welcome book

    Treasury Sec. Scott Bessent leaves powerful two-word message in Irish airport’s welcome book

    The U.S. Treasury secretary left a straight and to the point message in the welcome book at Shannon Airport in Ireland on Thursday, simply leaving the Trump administration’s two-word motto.

    The plane Treasury Secretary Scott Bessent was traveling on from Kyiv, Ukraine, made a stop at the western Ireland airport to refuel.

    While there, Bessent signed the welcome book, writing, “AMERICA FIRST!”

    FOX Business White House correspondent Edward Lawrence snapped a picture of the page, and above Bessent’s entry was an entry from former Secretary of State Antony Blinken.

    JD VANCE, TREASURY SEC SCOTT BESSENT TO MEET WITH ZELENSKYY AS TRUMP TEAM SETS SIGHTS ON RUSSIA-UKRAINE WAR

    U.S. Treasury Secretary Scott Bessent signed the welcome book at Shannon Airport in Ireland, writing, “AMERICA FIRST!” (Edward Lawrence)

    “To all our friends at Shannon – with gratitude for always making us feel at home away from home,” Blinken wrote, though the date of the entry was not visible in the photo.

    President Donald Trump announced earlier this week that he was sending Bessent to meet with President Volodymyr Zelenskyy.

    ‘LET’S DO A DEAL’: ZELENSKYY CALLS TRUMP’S TERMS ACCEPTABLE FOR SECURITY PARTNERSHIP

    Scott Bessent

    Scott Bessent, founder and chief executive officer of Key Square Group LP, at an interview during the Republican National Convention (RNC) near the Fiserv Forum in Milwaukee, Wisconsin, US, on Tuesday, July 16, 2024. Former President Donald Trump tapped JD Vance as his running mate, elevating to the Republican presidential ticket a venture capitalist-turned-senator whose embrace of populist politics garnered national attention and made him a rising star in the party. (Vincent Alban/Bloomberg via Getty Images)

    “This War MUST and WILL END SOON — Too much Death and Destruction. The U.S. has spent BILLIONS of Dollars Globally, with little to show,” Trump wrote on Truth Social.

    Bessent was expected to speak with the Ukrainian president about sanctions, rare Earth minerals and where U.S. funding has gone.

    Vice President JD Vance was also meeting with Zelenskyy this week, and both meetings were to take place before U.S. envoy Keith Kellogg travels to Ukraine on Feb. 20.

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    Trump tasked Kellogg with hashing out a peace deal with Ukraine and Russia to bring the three-year-long war to an end. Last week Kellogg met with Ukrainian delegates at the State Department. 

    Fox News Digital’s Morgan Phillips contributed to this report.

  • Treasury Secretary Bessent discusses economic deal offered to Ukraine’s Zelenskyy

    Treasury Secretary Bessent discusses economic deal offered to Ukraine’s Zelenskyy

    EXCLUSIVE: Treasury Secretary Scott Bessent said on Wednesday that funding for Ukraine will come with a new level of “transparency” under the Trump administration.

    Dispatched by President Donald Trump as part of an effort to end the conflict with Russia, Bessent spoke with FOX Business correspondent Edward Lawrence in Ukraine after offering an economic investment deal related to rare earth materials to Ukrainian President Volodymyr Zelenskyy.

    “I think by going into partnership with the U.S., it gives a new level of transparency to Ukrainian business,” Bessent said. “And the way we are going to structure the U.S. interest in the fund is very high corporate hygiene standards, best practices. And one assumes that will then be transmitted to the larger Ukraine as a whole.”

    TREASURY SECRETARY BESSENT OFFERS ZELENSKYY AN ECONOMIC INVESTMENT DEAL

    Treasury Secretary Scott Bessent was dispatched to Ukraine as part of an effort to end the conflict with Russia. (Vincent Alban/Bloomberg via Getty Images)

    Bessent added that the deals the U.S. is involved in will have very high standards and full accountability for any money that the nation is owed.

    Zelenskyy said he would review the U.S. proposal and respond by Friday when he meets with Vice President JD Vance in Munich. Secretary of State Marco Rubio will also lead the U.S. delegation at the meeting.

    JD VANCE, TREASURY’S BESSENT TO MEET WITH UKRAINE PRESIDENT

    While details of the deal have not been disclosed, Bessent said that it anticipates that the U.S. is entitled to revenues that Ukraine is already receiving from some resources. He added that the timing of how quickly the deal will be implemented depends on “the appetite for risk-taking” from the parties that want to commit.

    “The real payoff will be when the conflict ends and there is the rush to rebuild Ukraine,” the treasury secretary said. Wall Street firms including JPMorgan and BlackRock have reportedly discussed investing in the war-torn region, as reported by FOX Business in 2023. 

    Ukrainian President Volodymyr Zelenskyy United Nations

    Ukrainian President Volodymyr Zelenskyy addresses the 78th United Nations General Assembly at U.N. headquarters in New York City on Sept. 19, 2023. (Timothy A. Clara/AFP via Getty Images)

    As of mid-2024, Congress has approved $175 billion in aid and military assistance to the Ukrainian government since Russia’s invasion in February 2022, according to the nonpartisan Committee for a Responsible Federal Budget.

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    The economic deal tied to rare earth materials is the first step in Trump’s deal to restore peace between Ukraine and Russia, Bessent said.

    When asked how it fits into a greater peace deal, he said, “It will be showing the Russians that we have an enduring alliance with Ukraine, and then more assets that the U.S. government, U.S. entities have on the ground in Ukraine – that should act as a deterrent over the long run to any more incursions by the Russians.”

  • Treasury Secretary Bessent offers Zelenskyy an economic investment deal

    Treasury Secretary Bessent offers Zelenskyy an economic investment deal

    Treasury Secretary Scott Bessent, in a meeting with Ukrainian President Volodymyr Zelenskyy, discussed an economic investment deal related to rare earth materials. 

    FOX Business’ Edward Lawrence reported Zelenskyy would review the proposal and respond on Friday when he meets with Vice President JD Vance. 

    President Donald Trump dispatched Vance and Bessent to the war-torn region in an effort to end the conflict with Russia. 

    JD VANCE, TREASURY’S BESSENT TO MEET WITH UKRAINE PRESIDENT

    Hours after Bessent’s meeting with Zelenskyy, Trump said he spoke to the Ukrainian president about peacemaking efforts in the region. He said that Vance and Secretary of State Marco Rubio will lead the delegation at Friday’s meeting in Munich.

    Ukrainian President Volodymyr Zelenskyy addresses the 78th United Nations General Assembly at the U.N. headquarters in New York City on Sept. 19, 2023. (Timothy A. Clara/AFP via Getty Images / Getty Images)

    “I am hopeful that the results of that meeting will be positive. It is time to stop this ridiculous War, where there has been massive, and totally unnecessary, DEATH and DESTRUCTION,” Trump posted on Truth Social. “God bless the people of Russia and Ukraine!”

    Russia invaded Ukraine in February 2022 and the war has raged since. Trump has said that the war would not have happened if he had been in the White House and not former President Joe Biden. 

    TRUMP NAMES TREASURY SECRETARY SCOTT BESSENT AS ACTING DIRECTOR OF THE CONSUMER FINANCIAL PROTECTION BUREAU

    In the past few years, Zelenskyy has also visited the U.S., meeting with top Wall Street executives to discuss rebuilding Ukraine’s infrastructure. FOX Business was first to report that firms including JPMorgan and BlackRock had participated in some of the meetings in 2023. 

    UKRAINE’S ZELENSKYY MEETS WITH JPMORGAN CEO JAMIE DIMON

    Zelenskyy also attended the World Economic Forum in Davos, Switzerland, in 2024, where he was photographed greeting JPMorgan CEO Jamie Dimon. 

    Ukrainian President Volodymyr Zelenskyy Jamie Dimon Davos Switzerland

    Ukrainian President Volodymyr Zelenskyy, right, meets with JPMorgan Chase CEO Jamie Dimon in Davos, Switzerland, in January 2024. (JPMorgan Chase & Co. / Fox News)

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  • JD Vance, Treasury Sec Scott Bessent to meet with Zelenskyy as Trump team sets sights on Russia-Ukraine war

    JD Vance, Treasury Sec Scott Bessent to meet with Zelenskyy as Trump team sets sights on Russia-Ukraine war

    Vice President JD Vance will meet with President Volodymyr Zelenskyy on Friday after years of railing against the U.S.’ continued funding of Ukraine in the war against Russia. 

    The vice president will meet with Zelenskyy on the sidelines of the Munich Security Conference, a Vance spokesperson confirmed to Fox News Digital, just ahead of U.S. envoy Keith Kellogg’s trip to Ukraine on Feb. 20. 

    Trump announced on Tuesday he would also send Treasury Secretary Scott Bessent to meet with Zelenskyy in Ukraine. 

    “This War MUST and WILL END SOON — Too much Death and Destruction. The U.S. has spent BILLIONS of Dollars Globally, with little to show,” Trump wrote on Truth Social. 

    ‘LET’S DO A DEAL’: ZELENSKYY CALLS TRUMP’S TERMS ACCEPTABLE FOR SECURITY PARTNERSHIP

    Then-Republican presidential nominee Donald Trump, right, and Ukrainian President Volodymyr Zelenskyy meet at Trump Tower in New York City on Sept. 27, 2024. (REUTERS/Shannon Stapleton/File Photo)

    Bessent is expected to talk about sanctions, rare Earth minerals and where U.S. funding has gone with the Ukrainian leader. 

    Trump tasked Kellogg with hashing out a peace deal with Ukraine and Russia to bring the three-year-long war to an end. Last week Kellogg met with Ukrainian delegations at the State Department.  

    Secretary of State Marco Rubio and Defense Secretary Pete Hegseth are also attending the conference where the Russia-Ukraine war is sure to be a top focal point. 

    RUSSIA SAYS US RELATIONS ‘ON THE BRINK OF A BREAKUP,’ WON’T CONFIRM TRUMP-PUTIN TALK

    The U.S. does not have a concrete plan yet to end the war, contrary to public reporting, and is listening to concerns and proposals from allies, a European official familiar with peace talks told Fox News Digital. 

    “Munich is too soon to unveil a Ukraine peace plan,” the official said. “The negotiations between the principals – Trump, Zelenskyy, Putin – will be tough. All options to end the killing are on the table – the course of action will be Trump’s call. There’s still plenty of room to ramp up sanctions.” 

    Vice President JD Vance will meet with the Ukrainian leader after years of railing against funding

    Vice President JD Vance will meet with President Volodymyr Zelenskyy on Friday after years of railing against the U.S.’ continued funding of Ukraine in the war against Russia. (Getty Images)

    Trump said last week he might meet with Zelenksyy himself in the days ahead. 

    “I will probably be meeting with President Zelenskyy next week and I will probably be talking to President Putin,” Trump said. 

    In an interview with Fox News’ Bret Baier Monday night, Trump emphasized the need for Ukraine to give the U.S. access to its rare Earth minerals in exchange for its defense. He also suggested Ukraine “may be Russian” someday. 

    “They may make a deal, they may not make a deal. They may be Russian some day, or they may not be Russian some day,” Trump mused. 

    “We are going to have all this money in there, and I say I want it back. And I told them that I want the equivalent, like $500 billion worth of rare Earth,” Trump said. “And they have essentially agreed to do that, so at least we don’t feel stupid.”

    TRUMP’S ‘RARE’ PRICE FOR US MILITARY AID TO UKRAINE CALLED ‘FAIR’ BY ZELENSKYY

    Treasury Sec Scott Bessent to travel to Ukraine

    President Donald Trump announced he would send Treasury Secretary Scott Bessent to Ukraine. (Vincent Alban/Bloomberg via Getty Images)

    Both Zelenskyy and Putin have remained opposed to direct talks with each other. Putin is demanding that Ukraine withdraw from regions in the south and east that Kyiv still has control over. Zelenskyy has scoffed at any territorial concessions to Moscow, though he has admitted Ukraine may have to rely on diplomatic means to take back some of its territory. 

    Vance was long at the forefront of opposition to Ukraine aid in the Senate. 

    “I gotta be honest with you, I don’t really care what happens to Ukraine one way or another,” he said in February 2022 as Russia invaded. 

    “Vladimir Putin is not Adolf Hitler. It doesn’t mean he’s a good guy, but he has significantly less capability than the German leader did,” Vance said in an April 2024 speech on the Senate floor.

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    A Munich Security report, released just days before world leaders gather in Germany, said that Trump’s election has turned the U.S. into a “risk to be hedged against.”

    “Without global leadership of the kind provided by the United States for the past several decades, it is hard to imagine the international community providing global public goods like freedom of navigation or tackling even some of the many grave threats confronting humanity,” the report warned. “The US may be abdicating its historic role as Europe’s security guarantor – with significant consequences for Ukraine.”

  • Judge’s ‘hopelessly ambiguous’ order barring DOGE from Treasury sparks concern Bessent may also be locked out

    Judge’s ‘hopelessly ambiguous’ order barring DOGE from Treasury sparks concern Bessent may also be locked out

    A federal judge’s order barring DOGE from accessing Treasury Department data is vague enough that some legal experts believe it even blocks the agency’s secretary from reviewing records and systems, prompting Republicans to blast what they consider judicial overreach. 

    U.S. District Judge for the Southern District of New York Paul Engelmayer, an appointee of former President Barack Obama, issued a temporary restraining order Saturday that sided with 19 Democratic state attorneys general who claimed that giving DOGE “full access” to the Treasury’s payment systems violates the law. The lawsuit was spearheaded by New York Attorney General Letitia James, a longtime Trump foe who said her office is “prepared to fight back” after President Donald Trump’s November election win. 

    “The judge’s order is rightly being attacked as, at worse, barring the secretary of the Treasury from accessing the Treasury Department’s databases and at best, at being hopelessly ambiguous and confusing,” the Federalist’s senior legal correspondent Margot Cleveland told Fox News Digital on Sunday of the order.

    The judge’s sweeping order, issued Saturday, bars DOGE from accessing the Treasury system until at least Feb. 14, when Engelmayer scheduled a hearing to revisit the matter. 

    ELON MUSK ALLEGES $50B IN FRAUD AT TREASURY AFTER JUDGE BLOCKS DOGE AUDIT

    Scott Bessent testifies before a Senate Finance Committee hearing on his nomination to be secretary of the Treasury, on Capitol Hill, on Jan. 16, 2025. (Andrew Caballero-Reynolds/AFP via Getty Images)

    The language of the order specifically bars “political appointees, special government employees, and any government employee detailed from an agency outside the Treasury Department access to Treasury Department payment systems or any other data maintained by the Treasury Department containing personally identifiable information.” Trump, Secretary Scott Bessent and the U.S. Treasury are named as defendants in the case. 

    FEDERAL JUDGE BLOCKS ELON MUSK’S DOGE FROM ACCESSING TREASURY RECORDS AFTER DEMOCRATIC AGS FILE LAWSUIT

    Elon Musk and Trump

    President-elect Donald Trump and Elon Musk arrive to view a launch of the SpaceX Starship rocket on Nov. 19, 2024, in Brownsville, Texas. (Brandon Bell/Getty Images)

    Conservatives and legal experts on social media have slammed the language of the order for reportedly also barring Bessent from Treasury data. 

    Fox News Digital reached out to the Treasury, White House and the Southern District on Sunday for comment, but did not immediately receive replies. 

    ELON MUSK’S DOGE MAKES ANOTHER HIRING PUSH

    “To comprehend how bad Judge Engelmayer’s decision was granting [a temporary restraining order] barring the Secretary of the Treasury Dept as well as DOGE & every other political appointee from accessing data, you need to compare to parallel case where a judge denied injunction,” Cleveland posted to X. 

    Others on social media argued the order does not bar Bessent from accessing the data, only barring him from granting access to the data to political appointees, special government employees, and government officials outside of the Treasury Department. 

    Cleveland told Fox News Digital on Sunday that beyond the vague language in the order, the attorneys general lack standing to challenge DOGE and the Treasury.  

    PRESIDENT TRUMP PREDICTS ELON MUSK WILL FIND ‘HUNDREDS OF BILLIONS’ IN WASTE IN NEXT DOGE DIRECTIVES

    “There is a more fatal flaw to the [temporary restraining order]: The Plaintiffs utterly lack standing to challenge DOGE and the Treasury Department’s decision to grant read-only access to select members of that executive agency’s team. With read-only access, DOGE cannot possibly use access to the Treasury Department’s system to freeze grants to the Blue States or their citizens; nor does such read-only access subject Plaintiffs to a higher hack-risk.  And without standing, there is no basis to bring a lawsuit, much less to justify the TRO,” she said. 

    Bessent and Musk

    Elon Musk and Treasury Secretary Scott Bessent (Getty Images)

    Bessent sent a letter to Congress early last week detailing that DOGE was given “read only” access to the Treasury data, and that the investigation has “not caused payments for obligations such as Social Security and Medicare to be delayed or re-routed.”

    DOGE, led by Musk, has been on an investigation blitz of the federal government to stamp out government overspending and fraud. Musk reported after Engelmayer’s ruling that DOGE had already reportedly uncovered fraud at the national treasury. 

    “[Friday], I was told that there are currently over $100B/year of entitlements payments to individuals with no SSN or even a temporary ID number. If accurate, this is extremely suspicious,” Musk wrote hours after the ruling. 

    “When I asked if anyone at Treasury had a rough guess for what percentage of that number is unequivocal and obvious fraud, the consensus in the room was about half, so $50B/year or $1B/week!! This is utterly insane and must be addressed immediately.”

    Vice President JD Vance also weighed in on the order Sunday, slamming it as a judge trying to control “the executive’s legitimate power.” 

    PALANTIR CEO TOUTS ELON MUSK’S DOGE, ABILITY TO HOLD ‘SACRED COW OF THE DEEP STATE’ ACCOUNTABLE

    “If a judge tried to tell a general how to conduct a military operation, that would be illegal. If a judge tried to command the attorney general in how to use her discretion as a prosecutor, that’s also illegal. Judges aren’t allowed to control the executive’s legitimate power,” he posted to X. 

    JD Vance clapping

    Vice President JD Vance claps at campaign event. (Getty Images)

    Musk seethed following the order that Engelmayer should be “impeached.”

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    “A corrupt judge protecting corruption. He needs to be impeached NOW!” he said in response to another social media post reporting Bessent was reportedly blocked from accessing his own agency’s data. 

    Fox News Digital’s Andrea Margolis contributed to this report.

  • Treasury Secretary Scott Bessent calls for Trump tax cuts to be made permanent

    Treasury Secretary Scott Bessent calls for Trump tax cuts to be made permanent

    Treasury Secretary Scott Bessent on Wednesday signaled that the White House wants Trump’s tax cut package from 2017 to be extended permanently before their expiration this year, rather than a temporary extension.

    Bessent appeared on FOX Business Network’s “Kudlow” for an exclusive interview with host Larry Kudlow and addressed reports that Republicans in Congress are considering opting for a five or 10-year extension of the tax cuts to help comply with reconciliation rules, rather than making them permanent.

    “President Trump has a mandate. He came in to do big things. And one of the big things that this administration wants to do is make the 2017 Tax Cuts and Jobs Act permanent – and that permanency will continue to make the U.S. the number one economy in the world,” Bessent said.

    “We’re going to bring down inflation, we’re going to cut regulations, and we’re going to get the tax cut. The goal is still for them to be made permanent,” he added.

    TRUMP OUTLINES TAX CUT PLANS, TELLS WORLD ECONOMIC FORUM ‘MAKE YOUR PRODUCT IN AMERICA’

    Treasury Secretary Scott Bessent, left, is calling for Congress to make President Donald Trump’s tax cuts permanent. (Chris Kleponis/CNP/Bloomberg via Getty Images / Getty Images)

    Secretary Bessent went on to say that the Trump administration plans to use “current policy scoring” for the bill to help it move through Congress.

    The nonpartisan Congressional Budget Office (CBO) is responsible for scoring tax and spending legislation for its budget impact over time. CBO is currently required to use a current law baseline, which assumes that laws set to expire at a certain point in time do so at that time, when analyzing legislation or making budget projections. A current policy baseline would assume that certain laws are extended even if the law says they are due to expire.

    “Up until a year ago, I was a civilian, I’ve been looking at CBO numbers for 35 years in my day job in the investment business, but I never understood the way this scoring worked. And it is tilted toward spending, and that’s why the spending has gotten out of control here in Washington,” he said.

    PRESIDENT TRUMP FACES KEY FISCAL DEADLINES AS SECOND TERM BEGINS

    Scott Bessent

    Bessent said that Republicans need to come together on the tax bill to avoid the largest tax cut in U.S. history. (DOMINIC GWINN/Middle East Images/AFP via Getty Images / Getty Images)

    Congressional rules for budget reconciliation allow bills to bypass the Senate’s 60-vote threshold to overcome the legislative filibuster – but the bill can’t contain non-budget related provisions and can’t increase budget deficits beyond a set amount in a 10-year budget window.

    To comply with those rules, the Tax Cuts and Jobs Act contained some provisions that were permanent, such as the lower corporate tax rate, while other provisions were made temporary with several key policies set to elapse at the end of this year. 

    SCOTT BESSENT CONFIRMED BY SENATE TO SERVE AS TRUMP’S TREASURY SECRETARY

    Donald Trump signs tax cut law

    President Donald Trump signed the Tax Cuts and Jobs Act into law in 2017. Some of its key provisions are set to expire at the end of 2025. (Jabin Botsford/The Washington Post via Getty Images / Getty Images)

    Notable provisions that are due to expire at the end of 2025 include those that lowered personal income tax rates, nearly doubled the standard deduction that most taxpayers claim when filing and expanded the child tax credit, among other items.

    Bessent said that failing to extend the tax cuts would result in the largest tax hike in history, which would have a negative impact on the U.S. economy and Americans while also hurting the budget deficit through reduced growth.

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    “What’s going to blow not only a hole in the budget deficit, in the economy and in the lifestyles of working class Americans [is] if we do not get this tax bill done,” Bessent explained. “As I said in my Senate hearings, this is pass-fail for our side of the aisle, and we will have the largest tax hike in history – the largest tax hike in history – and that will be on the people on our side who do not try to move this forward.”

  • Treasury Secretary Bessent discusses economic deal offered to Ukraine’s Zelenskyy

    Trump names Treasury Secretary Scott Bessent as acting CFPB director

    Treasury Secretary Scott Bessent will serve as the acting director of the Consumer Financial Protection Bureau (CFPB), the agency announced on Monday.

    “I look forward to working with the CFPB to advance President Trump’s agenda to lower costs for the American people and accelerate economic growth,” Bessent said.

    The CFPB’s announcement noted that President Donald Trump designated Bessent as the agency’s acting director on Friday. Former CFPB Director Rohit Chopra wrote in a letter published Saturday that he was no longer serving as the agency’s director.

    This is a developing story. Please check back for updates.

  • Scott Bessent confirmed by Senate to serve as Trump’s treasury secretary

    Scott Bessent confirmed by Senate to serve as Trump’s treasury secretary

    The Senate on Monday voted to confirm Scott Bessent to serve as treasury secretary following his nomination to the role by President Donald Trump.

    Bessent was confirmed on a 68-29 vote by the full Senate. 

    Bessent, 62, is the founder and CEO of global macro investment firm Key Square Group, which he has said he would wind down if confirmed as treasury secretary. The firm focused on macro investing, which is a strategy that leverages geopolitical and macroeconomic information to guide its approach to investing in various markets.

    He served as a key economic policy advisor and fundraiser for the Trump campaign. Bessent has been an advocate for economic policies such as lower taxes, spending restraint and deregulation that have long made up the core of the Republican Party’s platform, and has also been supportive of Trump’s use of tariffs in trade negotiations.

    TRUMP TREASURY PICK: EXTENDING TRUMP TAX CUTS ‘SINGLE MOST IMPORTANT ECONOMIC ISSUE’

    The Senate voted to confirm billionaire hedge fund founder Scott Bessent as Trump’s treasury secretary. (Chen Mengtong/China News Service/VCG via Getty Images / Getty Images)

    During his confirmation hearings, Bessent said that extending the Trump tax cuts is the “single most important economic issue of the day,” warning a failure to do so would result in a “gigantic” tax increase on middle class Americans due to the expiration of lower tax brackets and a larger standard deduction claimed by most taxpayers.

    “If we do not renew an extension, then we will be facing an economic calamity,” Bessent said. “And, as always, with financial instability, that falls on the middle and working class.”

    TRUMP’S TREASURY PICK BESSENT WON’T DISCRIMINATE ON TAX CHEATS, VOWS FAIRNESS

    Bessent said in his opening remarks 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.”

    “We must secure supply chains that are vulnerable to strategic competitors, and we must carefully deploy sanctions as part of a whole-of-government approach to address our national security requirements,” Bessent added. “And critically — critically — we must ensure that the U.S. dollar remains the world’s reserve currency.”

    TRUMP’S TREASURY NOMINEE TURNS TABLES ON SANDERS IN TESTY EXCHANGE ABOUT BIDEN’S ‘OLIGARCHY’ COMMENTS

    Scott Bessent

    The Senate Finance Committee previously advanced Bessent’s nomination on a bipartisan 16-11 vote. (Tom Williams/CQ-Roll Call, Inc via Getty Images / Getty Images)

    The Senate Finance Committee advanced Bessent’s nomination to the full Senate with a bipartisan vote of 16 to 11 on Jan. 21, the day after Trump’s inauguration. Sens. Mark Warner, D-Va., and Maggie Hassan, D-N.H., were the Democratic senators who joined all of their Republican colleagues in voting to advance his nomination.

    During the presidential campaign, Bessent touted what he called the “3-3-3” plan that was modeled off the late Japanese Prime Minister Shinzo Abe’s “three arrows” idea. 

    Bessent argued for setting a goal of achieving 3% real economic growth, cutting the budget deficit to 3% of gross domestic product (GDP) by 2028, and increasing U.S. energy production to the equivalent of an additional 3 million barrels of oil per day.

    TREASURY SECRETARY NOMINEE SCOTT BESSENT’S ‘3-3-3’ PLAN: WHAT TO KNOW

    Scott Bessent

    Scott Bessent, founder and chief executive officer of Key Square Group LP, during an interview in Washington, DC, US, on Friday, June 7, 2024.  (Stefani Reynolds/Bloomberg via Getty Images / Getty Images)

    The role of treasury secretary carries a great deal of significance for conducting the president’s economic agenda.

    Treasury secretaries often lead negotiations with Congress over tax and spending matters. They also play a key role in dealing with foreign governments and financial institutions, as well as handling the operations of the Treasury Department and sub-agencies like the Internal Revenue Service (IRS).

    During Trump’s first term as president, Steven Mnuchin served as treasury secretary for the duration of the four-year term after he was confirmed by the Senate on a 53-47 vote a few weeks after Inauguration Day. 

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    Mnuchin served as a key negotiator with Congress on the debt limit, tax and spending policies, as well as COVID relief packages that were enacted in 2020 after the pandemic began.

    Fox News Digital’s Diana Stancy contributed to this report.