Scott Bessent to testify Trump has 'generational opportunity' to spark 'economic golden age'

Treasury Secretary nominee Scott Bessent on Thursday is set to implore the Senate Finance Committee to confirm his nomination, arguing that President-elect Donald Trump has a "generational opportunity" to usher in a "new golden age."

Trump nominated Bessent, who founded Key Square Capital Management, late last year, after Bessent worked as an economic advisor for him on the campaign trial. Steve Mnuchin served as Treasury Secretary during Trump's first term in office.

Bessent is expected to testify that his upbringing in South Carolina gave him a strong work ethic that has kept him employed since he was nine years old, and that Trump's agenda can help bring "prosperity" to all Americans, according to a preview of his opening statement obtained by Just The News.

"Today, I believe 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," it read. "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. And critically, we must ensure that the U.S. dollar remains the world's reserve currency."

Bessent will also claim the U.S. needs to prioritize productive investments instead of wasteful spending, and make the 2017 "Tax Cuts and Jobs Act" that was passed in Trump's first administration permanent. 

"If Congress fails to act, Americans will face the largest tax increase in history, a crushing $4 trillion tax hike," Bessent wrote. "Members of the Committee, these are just some of the many important goals that President Trump has laid out for me and others on his economic team.  

"I firmly believe that, if confirmed, and with your counsel and support, we can usher in a new, more balanced era of prosperity that will lift up all Americans and rebuild communities and families across the country," he added.

If confirmed as Treasury Secretary, Bessent would be tasked with steering federal fiscal policies set by Congress and the White House. He would also be the main go-between of the White House and Federal Reserve, which sets monetary policies.

Misty Severi is a news reporter for Just The News. You can follow her on X for more coverage.