Happy New Year 2025

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Hassett to serve as Trump admin’s contact with the Federal Reserve

Speaking before the World Economic Forum in Davos, Switzerland, Trump said he’ll call for interest rates to be lower than current levels. A possible sign he is setting up a possible battle with the Federal Reserve.

Kevin Hassett, the director of the National Economic Council, is set to serve as the Trump administration’s key point of contact with the Federal Reserve Chair Jerome Powell as the fight against inflation continues.

Hassett appeared on CBS News’ “Face the Nation” on Sunday and told host Margaret Brennan that he is planning to hold regular lunch meetings with Powell and other central bank policymakers.

“I, just this weekend, have arranged to begin, once again, regular lunches with Jay Powell at the Federal Reserve,” Hassett said. “Jay and I have a long and collegial relationship, and I’m going to go over there with him and the other governors.”

“So, we’re going to talk about our views about what’s going on, and listen to his and that collegiality has been going on for four years when I was here before, and the president very much values that,” he said.

TARIFFS COULD FACTOR INTO FED’S RATE-CUT PLANS AMID INFLATION CONCERNS, EXPERTS SAY

Kevin Hassett, the director of the National Economic Council, will serve as a key point of contact for the Trump administration with the Federal Reserve. (Mark Wilson/Getty Images / Getty Images)

Brennan began to ask Hassett whether those meetings are aimed at influencing the Federal Reserve’s decisions on monetary policy when he replied that “Jay is an independent person” and that the independence of the Fed is respected.

“The point is, the president’s opinion… can be heard. He’s the president of the United States. But here’s the thing that I think is interesting, that if we get inflation under control, then that takes pressure off the Fed,” Hassett said.

“One way to tell whether markets think, ‘are we getting inflation under control,’ is to look at longer term interest rates that the Fed doesn’t affect directly. And if you look at it, the 10-year Treasury rate has dropped about 40 basis points over the last couple of weeks while we announced our plan to control inflation. That saved the American people about $40 billion… just from talking about the stuff that we’re about to do,” he added.

INFLATION RISES 3% IN JANUARY, HOTTER THAN EXPECTED

Fed Chair Jerome Powell has signaled the Fed isn’t in a hurry to cut interest rates and will continue to evaluate fresh economic data. (Alex Wong/Getty Images / Getty Images)

President Donald Trump has repeatedly criticized Powell and called for the Fed to lower interest rates. While Powell was testifying before Congress about monetary policy, Trump once again posted that the central bank should lower interest rates.

“Interest Rates should be lowered, something which would go hand in hand with upcoming Tariffs!!!” Trump said in a post on Truth Social. “Lets Rock and Roll, America!!!”

Powell’s testimony reiterated his stance that the Fed doesn’t need to “hurry” to lower interest rates as it waits for more data showing that inflation is trending back toward its 2% target rate as the central bank pursues its dual mandate of stable prices and maximum employment.

TRUMP SAYS HE WON’T FIRE FED CHAIR JEROME POWELL

President Donald Trump nominated Jerome Powell to serve as Federal Reserve chair in 2017. (SAUL LOEB/AFP via Getty Images / Getty Images)

“We do not need to be in a hurry to adjust our policy stance,” Powell told the Senate Banking Committee on Tuesday. “We know that reducing policy restraint too fast or too much could hinder progress on inflation. At the same time, reducing policy restraint too slowly or too little could unduly weaken economic activity and employment.”

The Fed left interest rates unchanged at its most recent policy meeting in January amid stubborn inflation and a resilient labor market, with policymakers saying they are waiting for data showing inflation is trending lower.

The consumer price index (CPI) – a popular inflation gauge – came in hotter than expected last week at an annual rate of 3% for January. That figure was up from 2.9% a month ago, though it’s down from 3.1% in January 2024.

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Core CPI also ticked higher by 0.1 percentage from last month to 3.3% on an annual basis. That metric was 3.9% in January 2024.

February 17, 2025
Trump nominates judge to serve as next US attorney for Southern District of Florida

President Donald Trump announced three new members of his administration on Sunday, including Judge Jason Reding Quiñones, who the president has nominated as the next U.S. attorney for the Southern District of Florida.

“A former Federal prosecutor and Justice Department National Security Official, Judge Reding Quiñones currently serves as a highly respected State Trial Judge in Miami, and a Lieutenant Colonel in the Air Force Reserve,” Trump wrote in a post on Truth Social. “As the next U.S. Attorney for the Southern District of Florida, Judge Reding Quiñones will restore Law and Order, prosecute violent crimes and, MAKE AMERICA SAFE AGAIN.”

Along with Quiñones, the president announced that Jim Byron will serve as the senior advisor to the acting national archivist, Secretary of State Marco Rubio, at the National Archives and Records Administration (NARA).

Having already worked with the NARA, Trump said Byron understands the responsibility that goes into preserving the country’s history.

TRUMP LANDS KEY TULSI GABBARD CONFIRMATION FOLLOWING UPHILL SENATE BATTLE

President Donald Trump nominated Judge Jason Reding Quiñones to serve as the U.S. attorney for the Southern District of Florida on Sunday. (Florida Courts)

In his role, Byron will manage the archives on a day-to-day basis as the Trump administration continues its search for a full-time archivist.

Trump also nominated John Jovanovic to serve as the chairman and CEO of the Export-Import Bank of the United States (EXIM).

TRUMP’S NOMINEE FOR SMALL BUSINESS CHIEF PRIMED FOR FINAL VOTE AFTER CLEARING PROCEDURAL HURDLE

President-elect Donald Trump speaks during a news conference at Mar-a-Lago, Jan. 7, in Palm Beach, Fla. (AP Photo/Evan Vucci)

“John will utilize his extensive experience in finance, investments, and business building across the Energy, Commodities, and Critical Infrastructure sectors to Make America Energy and Manufacturing DOMINANT Again,” Trump wrote on Truth Social.

Jovanovic is a graduate of The Wharton School of the University of Pennsylvania, where he earned his master’s in business administration in finance and management.

He also attended Princeton University, where he earned his undergraduate degree in politics.

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“He will work tirelessly to protect all of the gains from our strong Tariff Policies, guarantee that our Exports receive fair treatment, and always put American companies, and our Energy exports, FIRST,” Trump said. “Congratulations John!”

Greg Wehner is a breaking news reporter for Fox News Digital.

Story tips and ideas can be sent to [email protected] and on Twitter @GregWehner.

February 16, 2025
Senate confirms Robert F Kennedy Jr. to serve as Trump’s Health secretary

The Senate on Thursday confirmed Robert F. Kennedy Jr. as Health and Human Services (HHS) secretary in President Donald Trump’s cabinet.

The Republican-controlled Senate voted nearly entirely along party lines to confirm Kennedy. The final showdown over his controversial nomination was set in motion hours earlier, after another party line vote on Wednesday afternoon which started the clock ticking toward the confirmation roll call.

Kennedy, the well-known vaccine skeptic and environmental crusader who ran for the White House in 2024 before ending his bid and endorsing Trump, needed a simple majority to be confirmed by the Senate.

Sen. Mitch McConnell of Kentucky was the only Republican to vote against Kennedy’s nomination. McConnell, the former longtime GOP Senate leader, suffered from polio as a child and is a major proponent of vaccines.

TRUMP HEALTH SECRETARY NOMINEE RFK JR. SURVIVES HEATED HEARINGS

Robert F. Kennedy, Jr., President Donald Trump’s nominee to serve as secretary of Health and Human Services, testifies during a Senate Committee on Health, Education, Labor and Pensions hearing for his pending confirmation on Capitol Hill on Thursday, Jan. 30, 2025 in Washington, D.C. (AP Photo/Rod Lamkey, Jr.)

Kennedy survived back-to-back combustible Senate confirmation hearings late last month, when Trump’s nominee to lead 18 powerful federal agencies that oversee the nation’s food and health faced plenty of verbal fireworks over past controversial comments, including his repeated claims in recent years linking vaccines to autism, which have been debunked by scientific research.

During the hearings, Democrats also spotlighted Kennedy’s service for years as chair or chief legal counsel for Children’s Health Defense, the nonprofit organization he founded that has advocated against vaccines and sued the federal government numerous times, including a challenge over the authorization of the COVID-19 vaccine for children.

ROBERT F. KENNEDY JR. LIVE ON FOX NEWS ‘THE INGRAHAM ANGLE’ 7PM ET TONIGHT

With Democrats on the Senate Finance Committee voting not to advance Kennedy, the spotlight was on Sen. Bill Cassidy, R-La., a physician and chair of the Senate Committee on Health, Education, Labor and Pensions (HELP).

Cassidy issued a last minute endorsement before the committee level vote, giving Kennedy a party-line 14-13 victory to advance his confirmation to the full Senate.

Robert F. Kennedy, Jr., center, President Donald Trump’s nominee to serve as secretary of Health and Human Services, talks with Committee Chairman Sen. Bill Cassidy, R-La., left, following his testimony during a Senate Committee on Health, Education, Labor and Pensions hearing for his pending confirmation on Capitol Hill on Thursday, Jan. 30, 2025 in Washington, D.C. (AP Photo/Rod Lamkey, Jr.)

Cassidy had emphasized during Kennedy’s confirmation hearings that “your past of undermining confidence in vaccines with unfounded or misleading arguments concerns me,” which left doubt about his support.

However, after speaking again with the nominee, Cassidy rattled off a long list of commitments Kennedy made to him, including quarterly hearings before the HELP Committee; meetings multiple times per month; that HELP Committee can choose representatives on boards or commissions reviewing vaccine safety; and a 30-day notice to the committee, plus a hearing, for any changes in vaccine safety reviews.

HEAD HERE FOR LATEST FOX NEWS REPORTING ON PRESIDENT TRUMP’S FIRST 100 DAYS BACK IN THE WHITE HOUSE

“These commitments, and my expectation that we can have a great working relationship to make America healthy again, is the basis of my support,” the senator said.

RFK Jr. and Trump split image (Getty Images)

Earlier this week, another Republican senator who had reservations regarding Kennedy’s confirmation announced support for the nominee.

“After extensive public and private questioning and a thorough examination of his nomination, I will support Robert F. Kennedy Jr.,” GOP Sen. Susan Collins of Maine announced on Tuesday.

Another Republican who was on the fence, Sen. Lisa Murkowski of Alaska, also voted to advance Kennedy’s nomination.

Murkowski noted that she continues “to have concerns about Mr. Kennedy’s views on vaccines and his selective interpretation of scientific studies,” but that the nominee “has made numerous commitments to me and my colleagues, promising to work with Congress to ensure public access to information and to base vaccine recommendations on data-driven, evidence-based, and medically sound research.”

Former longtime Senate GOP leader Sen. Mitch McConnell, a major proponent of vaccines, also voted to advance Kennedy’s nomination.

Kennedy, whose outspoken views on Big Pharma and the food industry have also sparked controversy, has said he aims to shift the focus of the agencies he would oversee toward promotion of a healthy lifestyle, including overhauling dietary guidelines, taking aim at ultra-processed foods and getting to the root causes of chronic diseases.

The push is part of his “Make America Healthy Again” campaign.

“Our country is not going to be destroyed because we get the marginal tax rate wrong. It is going to be destroyed if we get this issue wrong,” Kennedy said as he pointed to chronic diseases. “And I am in a unique position to be able to stop this epidemic.”

Robert F. Kennedy Jr. speaks at a campaign event for this independent presidential bid, on May 1, 2024 in the New York City borough of Brooklyn. (Fox News – Paul Steinhauser)

The 71-year-old scion of the nation’s most storied political dynasty, launched a long-shot campaign for the Democratic presidential nomination against then-President Joe Biden in April 2023. However, six months later, he switched to an independent run for the White House.

Trump regularly pilloried Kennedy during his independent presidential bid, accusing him of being a “Radical Left Liberal” and a “Democrat Plant.”

Kennedy fired back, claiming in a social media post that Trump’s jabs against him were “a barely coherent barrage of wild and inaccurate claims.”

Then-former President Donald Trump, right, welcomes Robert F. Kennedy Jr. to the stage at a campaign rally at the Gas South Arena on Oct. 23, 2024 in Duluth, Georgia. (Anna Moneymaker/Getty Images)

However, Kennedy made major headlines again last August when he dropped his presidential bid and endorsed Trump.

While Kennedy had long identified as a Democrat and repeatedly invoked his late father, former Sen. Robert F. Kennedy, and his late uncle, former President John F. Kennedy – who were both assassinated in the 1960s – Kennedy in recent years built relationships with far-right leaders due in part to his high-profile vaccine skepticism.

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After months of criticizing him, Trump called Kennedy “a man who has been an incredible champion for so many of these values that we all share.”

Trump announced soon after the November election that he would nominate Kennedy to his Cabinet to run HHS.

The final vote on Kennedy’s nomination came one day after another controversial pick, director of national intelligence Tulsi Gabbard, was confirmed by the Senate in a 52-48 vote.

Fox News’ Chad Pergram contributed to this report

Paul Steinhauser is a politics reporter based in New Hampshire.

February 13, 2025
Senate to hold final vote on RFK Jr nomination to serve as Trump’s Health secretary

The Senate is expected on Thursday to confirm Robert F. Kennedy Jr. as Health and Human Services (HHS) secretary in President Donald Trump’s cabinet.

The final showdown over Kennedy’s controversial nomination was set in motion after the Republican-controlled Senate on Wednesday – in a 53-47 party-line vote – invoked cloture, which started the clock ticking toward the final confirmation roll call.

Kennedy, the well-known vaccine skeptic and environmental crusader who ran for the White House in 2024 before ending his bid and endorsing Trump, needs a simple majority to be confirmed by the Senate.

TRUMP HEALTH SECRETARY NOMINEE RFK JR. SURVIVES HEATED HEARINGS

Robert F. Kennedy, Jr., President Donald Trump’s nominee to serve as secretary of Health and Human Services, testifies during a Senate Committee on Health, Education, Labor and Pensions hearing for his pending confirmation on Capitol Hill on Thursday, Jan. 30, 2025 in Washington, D.C. (AP Photo/Rod Lamkey, Jr.)

Kennedy survived back-to-back combustible Senate confirmation hearings late last month, when Trump’s nominee to lead 18 powerful federal agencies that oversee the nation’s food and health faced plenty of verbal fireworks over past controversial comments, including his repeated claims in recent years linking vaccines to autism, which have been debunked by scientific research.

During the hearings, Democrats also spotlighted Kennedy’s service for years as chair or chief legal counsel for Children’s Health Defense, the nonprofit organization he founded that has advocated against vaccines and sued the federal government numerous times, including a challenge over the authorization of the COVID-19 vaccine for children.

HEAD HERE FOR LATEST FOX NEWS REPORTING ON PRESIDENT TRUMP’S FIRST 100 DAYS BACK IN THE WHITE HOUSE

With Democrats on the Senate Finance Committee voting not to advance Kennedy, the spotlight was on Sen. Bill Cassidy, R-La., a physician and chair of the Senate Committee on Health, Education, Labor and Pensions (HELP).

Cassidy issued a last minute endorsement before the committee level vote, giving Kennedy a party-line 14-13 victory to advance his confirmation to the full Senate.

Robert F. Kennedy, Jr., center, President Donald Trump’s nominee to serve as secretary of Health and Human Services, talks with Committee Chairman Sen. Bill Cassidy, R-La., left, following his testimony during a Senate Committee on Health, Education, Labor and Pensions hearing for his pending confirmation on Capitol Hill on Thursday, Jan. 30, 2025 in Washington, D.C. (AP Photo/Rod Lamkey, Jr.)

Cassidy had emphasized during Kennedy’s confirmation hearings that “your past of undermining confidence in vaccines with unfounded or misleading arguments concerns me,” which left doubt about his support.

However, after speaking again with the nominee, Cassidy rattled off a long list of commitments Kennedy made to him, including quarterly hearings before the HELP Committee; meetings multiple times per month; that HELP Committee can choose representatives on boards or commissions reviewing vaccine safety; and a 30-day notice to the committee, plus a hearing, for any changes in vaccine safety reviews.

“These commitments, and my expectation that we can have a great working relationship to make America healthy again, is the basis of my support,” the senator said.

RFK Jr. and Trump split image (Getty Images)

Earlier this week, another Republican senator who had reservations regarding Kennedy’s confirmation announced support for the nominee.

“After extensive public and private questioning and a thorough examination of his nomination, I will support Robert F. Kennedy Jr.,” GOP Sen. Susan Collins of Maine announced on Tuesday.

Another Republican who was on the fence, Sen. Lisa Murkowski of Alaska, also voted to advance Kennedy’s nomination.

Murkowski noted that she continues “to have concerns about Mr. Kennedy’s views on vaccines and his selective interpretation of scientific studies,” but that the nominee “has made numerous commitments to me and my colleagues, promising to work with Congress to ensure public access to information and to base vaccine recommendations on data-driven, evidence-based, and medically sound research.”

Former longtime Senate GOP leader Sen. Mitch McConnell, a major proponent of vaccines, also voted to advance Kennedy’s nomination.

Kennedy, whose outspoken views on Big Pharma and the food industry have also sparked controversy, has said he aims to shift the focus of the agencies he would oversee toward promotion of a healthy lifestyle, including overhauling dietary guidelines, taking aim at ultra-processed foods and getting to the root causes of chronic diseases.

The push is part of his “Make America Healthy Again” campaign.

“Our country is not going to be destroyed because we get the marginal tax rate wrong. It is going to be destroyed if we get this issue wrong,” Kennedy said as he pointed to chronic diseases. “And I am in a unique position to be able to stop this epidemic.”

Robert F. Kennedy Jr. speaks at a campaign event for this independent presidential bid, on May 1, 2024 in the New York City borough of Brooklyn. (Fox News – Paul Steinhauser)

The 71-year-old scion of the nation’s most storied political dynasty, launched a long-shot campaign for the Democratic presidential nomination against then-President Joe Biden in April 2023. However, six months later, he switched to an independent run for the White House.

Trump regularly pilloried Kennedy during his independent presidential bid, accusing him of being a “Radical Left Liberal” and a “Democrat Plant.”

Kennedy fired back, claiming in a social media post that Trump’s jabs against him were “a barely coherent barrage of wild and inaccurate claims.”

Then-former President Donald Trump, right, welcomes Robert F. Kennedy Jr. to the stage at a campaign rally at the Gas South Arena on Oct. 23, 2024 in Duluth, Georgia. (Anna Moneymaker/Getty Images)

However, Kennedy made major headlines again last August when he dropped his presidential bid and endorsed Trump.

While Kennedy had long identified as a Democrat and repeatedly invoked his late father, former Sen. Robert F. Kennedy, and his late uncle, former President John F. Kennedy – who were both assassinated in the 1960s – Kennedy in recent years built relationships with far-right leaders due in part to his high-profile vaccine skepticism.

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After months of criticizing him, Trump called Kennedy “a man who has been an incredible champion for so many of these values that we all share.”

Trump announced soon after the November election that he would nominate Kennedy to his Cabinet to run HHS.

The final vote on Kennedy’s nomination comes one day after another controversial pick, director of national intelligence Tulsi Gabbard, was confirmed by the Senate in a 52-48 vote.

Paul Steinhauser is a politics reporter based in New Hampshire.

February 13, 2025
Canada appoints Kevin Brosseau to serve as fentanyl czar

Canada appointed a fentanyl czar on Tuesday in accordance with a deal made with U.S. President Donald Trump to avoid additional tariffs on Canadian imports.

Prime Minister Justin Trudeau chose Kevin Brosseau, who spent decades with the Royal Canadian Mounted Police, for the position aimed at working with the U.S. to “detect, disrupt and dismantle” the fentanyl trade. His appointment is effective immediately.

Brosseau has extensive law enforcement experience, having served as deputy commissioner and the commanding officer in Manitoba during his career as a Mountie. He most recently worked with Trudeau as his deputy national security and intelligence advisor.

“Mr. Brosseau navigated Canada’s most sensitive security challenges. His demonstrated expertise tackling drug trafficking, organized crime networks, and other national security threats will bring tremendous value to this position,” Trudeau said in his announcement.

TRUMP AGREES TO PAUSE TARIFFS ON CANADA IN EXCHANGE FOR MORE BORDER ENFORCEMENT

Canadian Prime Minister Justin Trudeau appointed former Mountie Kevin Brosseau to serve as the country’s fentanyl czar. (Kevin Brosseau / X)

Brosseau’s appointment comes days after Trump threatened to impose an additional 25% tariff on Canadian imports, citing the flow of illegal aliens and drugs, such as fentanyl, across the northern border.

Trump agreed to a 30-day pause on the tariffs in order to assess Canada’s response to his demands, which revolved around creating a stronger border.

In addition to appointing a fentanyl czar, Trudeau said the country will implement a $1.3 billion border plan that utilizes Black Hawk helicopters, drones, mobile surveillance towers and nearly 10,000 frontline personnel to protect the U.S.-Canada border.

Canada is implementing a border plan worth $1.3 billion to bolster law enforcement’s presence and crackdown on the fentanyl discovered at entry points. (Cole Burston/Bloomberg via Getty Images)

He also said organized crime cartels will be listed as terrorist entities in order to enforce criminal investigations in Canada.

TRUDEAU SAYS TRUMP IS SERIOUS ABOUT CANADA BECOMING 51ST STATE: REPORTS

Focusing on fentanyl production and trafficking, Canada will be adding new and expanded detection capacity at border entry points and building a Canadian Drug Analysis Center where authorities will study illegal drug samples to identify where and how they are manufactured.

“While less than 1% of the fentanyl intercepted at the U.S. border comes from Canada, any amount of fentanyl is too much,” Trudeau said, adding that “fentanyl must be wiped from the face of the Earth, its production must be shut down, and its profiteers must be punished.”

President Donald Trump threatened an additional 25% on Canadian imports if the country didn’t increase security at the northern border. (Nicholas Kamm)

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While the fentanyl that comes through the northern border is significantly less than what comes from Mexico, U.S. customs agents seized 43 pounds of fentanyl at the Canadian border during the last fiscal year.

Agents at the U.S.-Mexico border seized 21,100 pounds of fentanyl during the same time period.

February 12, 2025
Chris Wright confirmed to serve as Trump’s Secretary of Energy

CEO Chris Wright has been confirmed by the Senate to serve as President Donald Trump‘s secretary of energy, where he will be at the helm of shaping the president’s “Drill, baby, drill” agenda.

Wright received bipartisan support from members of the Senate after being selected by Trump to lead the energy agency under his administration.

The Trump nominee, who has served as the CEO and founder of Liberty Energy Inc. since 2011, advanced through the Senate Energy and Natural Resources Committee before his nomination was put on the floor for a final vote.

He was confirmed on Monday night in a bipartisan vote, 59 to 38.

TRUMP ENERGY NOMINEE HECKLED BY CLIMATE PROTESTERS, DERIDED BY DEM SENATOR AS ‘ENTHUSIAST FOR FOSSIL FUELS’

Liberty Oilfield Services CEO Chris Wright at Liberty on Jan. 17, 2018. (Andy Cross/The Denver Post)

Upon his swearing-in, Wright will begin working closely with Trump to spearhead his energy agenda over the next four years.

TRUMP AG PICK PAM BONDI CLEARS JUDICIARY COMMITTEE, WILL GET CONFIRMATION VOTE IN SENATE

The 47th president has made energy a focus of his first two weeks in office, declaring an “energy emergency” on his first day in office, lifting former President Joe Biden’s pause on liquefied natural gas exports and axing climate standards set by the previous administration.

President Donald Trump has made energy a focus of his first two weeks in office. (Rebecca Noble)

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Wright’s energy vision aligns with that of Trump’s, telling lawmakers during his confirmation hearing that his first focus would be on unleashing American energy and increasing energy production in the U.S.

Aubrie Spady is a Writer for Fox News Digital.

February 3, 2025
Scott Bessent confirmed by Senate to serve as Trump’s treasury secretary

Rep. Andy Harris, R-Md., weighs in on Trumps tax cuts amid Scott Bessents confirmation hearing and Congress grappling with a strategy for the reconciliation bill.

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

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, 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.

January 27, 2025