Trump’s Treasury Pick: Tougher Russia Sanctions & Fed Independence?

The Senate is buzzing as Scott Bessent, President-elect Trump’s pick for Treasury Secretary, faces a grilling! From tax policies to Russia sanctions, senators from both sides are bringing the heat. Is Bessent the right man to steer the U.S. economy?

Here’s the lowdown:

  • Bessent wants stronger sanctions on Russia.
  • He defends Trump’s economic plans and tax cuts.
  • He believes the Federal Reserve should be free from political meddling.
  • Democrats are worried about the national debt.
  • Republicans want spending brought down to pre-pandemic levels.

Who is Scott Bessent?

Scott Bessent isn’t your typical Washington insider. He’s a billionaire money manager from South Carolina, with a history of donating to both Democratic and Republican causes. He even worked for George Soros, a big name in Democratic circles. Now, he’s in the hot seat, defending Trump’s economic policies to a skeptical Senate.

The Big Debate: Tax Cuts and National Debt

One of the biggest points of contention is Trump’s 2017 Tax Cuts and Jobs Act. Bessent is all for extending them, arguing it will boost the economy. But Democrats are screaming foul, saying it benefits the rich and balloons the national debt, which is already over $36 trillion. Senator Michael Bennet accused Bessent of shedding “crocodile tears” over the debt, pointing out the tax cuts were a major contributor to it.

The Federal Reserve and Russia

Bessent is clear on two things: The Federal Reserve needs to stay independent, and the US needs to be tougher on Russia. He thinks the current sanctions on Russian oil are too weak, saying the Biden administration was worried about energy prices. He feels the US should do more to exert pressure.

IRS Funding and Tax Filing

The Internal Revenue Service (IRS) is also in the spotlight. Bessent has committed to keeping the IRS’ Direct File program for the 2025 tax season, which is due to start on January 27th, even though some Republicans think it’s a waste of money. This program allows taxpayers to file returns for free, which is obviously something many citizens find attractive. While there are other free filing programs, many find this one particularly useful.

The Confirmation Battle

This isn’t a smooth ride for Bessent. He’s facing tough questions about his past, his tax history, and his vision for the U.S. economy. Senator Elizabeth Warren, for instance, fired off more than 100 written questions to him beforehand, drilling into topics from agency independence to financial stability. Democrats also allege he’s avoided paying about $1 million in taxes. Bessent claims he’s up to date on his taxes, but this controversy adds more fuel to the fire. If confirmed, Bessent will be in charge of massive agencies within the Treasury Department, including the IRS and will play a crucial role on the National Economic Council. He’s got to walk a fine line to please both President Trump and the skeptical senators.

What’s Next?

Bessent has a lot on his plate, including managing the national debt, keeping inflation in check, and ensuring financial markets remain confident. The Senate confirmation process is far from over. Will he convince the Senate that he’s the right person for the job? Keep your eyes peeled – this is going to be a wild ride.

About The Author

Kayode Nwankwo

Kayode actively participates in workshops and seminars focusing on public health and environmental protection. He collaborates with NGOs and governmental agencies to promote initiatives that support sustainable practices and improve healthcare access in underserved areas.He mentors young journalists interested in science and health reporting, stressing the need for in-depth knowledge and a strong ethical approach.

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