Al Mayadeen English

  • Ar
  • Es
  • x
Al Mayadeen English

Slogan

  • News
    • Politics
    • Economy
    • Sports
    • Arts&Culture
    • Health
    • Miscellaneous
    • Technology
    • Environment
  • Articles
    • Opinion
    • Analysis
    • Blog
    • Features
  • Videos
    • NewsFeed
    • Video Features
    • Explainers
    • TV
    • Digital Series
  • Infographs
  • In Pictures
  • • LIVE
News
  • Politics
  • Economy
  • Sports
  • Arts&Culture
  • Health
  • Miscellaneous
  • Technology
  • Environment
Articles
  • Opinion
  • Analysis
  • Blog
  • Features
Videos
  • NewsFeed
  • Video Features
  • Explainers
  • TV
  • Digital Series
Infographs
In Pictures
  • Africa
  • Asia
  • Asia-Pacific
  • Europe
  • Latin America
  • MENA
  • Palestine
  • US & Canada
BREAKING
Support and Stability Apparatus (SSA) chief Abdel Ghani al-Kikli confirmed dead.
Gunfire heard in various areas of the Libyan capital of Tripoli.
Libyan sources: The Ministry of Interior urges all citizens in Tripoli to remain in their homes.
Libyan sources: Air traffic halted at Tripoli Airport following reports of the death of Support and Stability Apparatus (SSA) chief Abdel Ghani al-Kikli.
Libyan sources: Clashes and military movements reported inside the capital, Tripoli.
Sheikh Qassem: Lebanese officials must also prioritize rebuilding the state economically and socially, as well as returning the depositors’ funds.
Sheikh Qassem: The second priority is reconstruction, and I call on the Lebanese government to place this item first on the agenda of its next session.
Sheikh Qassem: Lebanese officials must prioritize ending Israeli aggression, its violations, its occupation, and securing the release of prisoners.
Sheikh Qassem: We are part of the new era and partners in its benefits, and we want those who previously took certain stances for specific reasons to reconsider them in order to build the country.
Sheikh Qassem: We say to the servants of Israel: return to your national sense so that we can work together.

Trump nominates hedge fund manager Scott Bessent as Treasury chief

  • By Al Mayadeen English
  • Source: Agencies
  • 23 Nov 2024 10:01
3 Min Read

The Treasury Department oversees a range of areas, including federal finances, bank supervision, and US sanctions.

Listen
  • x
  • Investor Scott Bessent speaks on the economy in Asheville, N.C., on August 14, 2024. (AP)
    Investor Scott Bessent speaks on the economy in Asheville, N.C., on August 14, 2024. (AP)

US President-elect Donald Trump named Friday billionaire Scott Bessent as his Treasury secretary, choosing the hedge fund manager to help execute an agenda promising tax cuts and tariffs. 

Bessent, CEO of Key Square Group, has advocated for extending the tax cuts from Trump’s first term, emphasized the need to reassert American energy dominance, and stressed the importance of addressing the budget deficit.

In a statement, Trump said, "Scott is widely respected as one of the world's foremost international investors and geopolitical and economic strategists."

He said, "He will help me usher in a new Golden Age for the United States, as we fortify our position as the world's leading economy," adding that Bessent would also help "reinvigorate the private sector, and help curb the unsustainable path of federal debt."

The nomination of Bessent, who recently advised Trump, would place him at the forefront of implementing the president-elect's economic plan, overseeing tax cuts in Congress, and managing relations with countries like China.

The Treasury Department oversees a range of areas, including federal finances, bank supervision, and US sanctions. Recently, Bessent has advocated for tax reform and deregulation to stimulate economic growth.

Related News

Released Israeli captive rebuffs Netanyahu, thanks Trump

Hamas releases captive soldier Edan Alexander amid Gaza truce efforts

In a Wall Street Journal opinion piece, he said this would be key to "restarting the American growth engine" and helping keep prices in check.

In a statement, American Bankers Association president Rob Nichols said that Bessent's "years of real-world experience in financial markets will serve him well in leading a department critical to the global economy and the nation's banks."

His finance career

Bessent, 62, hailing from South Carolina, has had a distinguished career in finance, working alongside macro investor George Soros, and prominent short-seller Jim Chanos, and running his own hedge fund.

He notably placed a large bet on Trump’s victory after recognizing an imbalance in market sentiment, believing that analysts had underestimated the potential economic impact of a Trump win. 

Bessent argued that the post-election market rally indicated investor optimism for “higher growth, reduced volatility, inflation, and a strengthened economy benefiting all Americans.”

On Friday, Trump made several key announcements regarding his administration's nominations. He picked Russell Vought to lead the Office of Management and Budget, reinstating him in the role he held during the previous Republican administration and nominated Oregon Congresswoman Lori Chavez-DeRemer as his new secretary of labor.

Trump also nominated Janette Nesheiwat as surgeon general, former congressman and doctor Dave Weldon to lead the Centers for Disease Control and Prevention, and Marty Makary to head the Food and Drug Administration. Former NFL player Scott Turner was nominated secretary of housing and urban development. It is noteworthy that Senate confirmation is required for these positions.

Read next: Trump cabinet unveiled, includes loyalists in key roles

  • United States
  • Scott Bessent
  • US Treasury Department
  • US
  • Donald Trump

Most Read

Trump cut off contact with Netanyahu, senior Israeli official says

Trump cut off contact with Netanyahu: Israeli media

  • US & Canada
  • 9 May 2025
Pakistan downs an Indian jet and hits a military base in Kashmir escalation.

Pakistan downs 3 Indian jets, hits military base in Kashmir escalation

  • Politics
  • 7 May 2025
A Yemeni gunman walks past paintings depicting rockets and scenes in solidarity with Gaza, displayed on a roadside fence in Sanaa, Yemen, Monday, May 5, 2025 (AP)

Oman brokers US-Yemen ceasefire, Israelis in dark regarding deal

  • Politics
  • 6 May 2025
Saree

Yemeni Armed Forces target key Israeli sites, USS Truman

  • MENA
  • 7 May 2025

Coverage

All
Gaza prevails against genocide

Read Next

All
Hezbollah Secretary-General Sheikh Naim Qassem gives a speech to commemorate martyr Sayyed Mustafa Badreddine on May 12, 2025 (Al Mayadeen Screengrab)
Politics

Israeli pressure doomed to fail, Resistance to prevail: Sheikh Qassem

AP
Politics

'Israel is spiraling' amid Gaza war, internal fractures: The Nation

UNIFIL
Politics

'Israel' hindering Lebanese Army deployment in south: UNIFIL

The scene at BBC Broadcasting House in London, after red paint was sprayed over the entrance. (AP)
Politics

UK journalists given guidebook after failing on covering Gaza genocide

Al Mayadeen English

Al Mayadeen is an Arab Independent Media Satellite Channel.

All Rights Reserved

  • x
  • Privacy Policy
  • About Us
  • Contact Us
  • Authors
Android
iOS