USA Investor Bessent confirmed as new US Treasury Secretary

The investor Scott Bessent will become Secretary of the Treasury under US President Donald Trump.

The 62-year-old received the necessary majority in the 100-seat Senate with support from both parties: He received 68 yes votes. As Treasury Secretary, it will be up to Bessent to implement Trump's promise to cut taxes and implement new import tariffs.

He will also have to deal with the recurring debate about the statutory debt ceiling. Shortly before taking office, Trump tried to suspend the debt ceiling for several years to give himself some political leeway. However, he did not succeed.

The debt ceiling stipulates the maximum level at which government debt may rise in order to finance current expenditure such as salaries, social benefits, defense spending and interest on existing debt. If the ceiling is reached and not increased, the US government is not allowed to take on any new debt.

Bessent has no government experience. But he says his working life in the private sector has given him a deep understanding of the economy and markets. Republicans portray Bessent's life as an example of fulfilling the American Dream: By his own account, Bessent grew up in the wake of his father's financial problems, started earning his own money at an early age and eventually made it to college at the elite Yale University. His career in the financial sector began with an internship in New York, where his employer provided him with a sofa bed in the office.

SDA