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The Journal.

Inside Trump's Pick for Treasury Secretary

The Journal.

The Wall Street Journal

Daily News, Business News, News

4.25.3K Ratings

🗓️ 26 November 2024

⏱️ 19 minutes

🧾️ Download transcript

Summary

After two weeks of uncertainty, Donald Trump nominated Scott Bessent, a longtime Wall Street investor, as his next Treasury secretary. The pick capped a behind-the-scenes battle one advisor called a “knife fight.” WSJ’s Andrew Restuccia takes us inside the decision, explores why Bessent triumphed and unpacks what his tenure could mean for the U.S. economy. Further Reading: -How Scott Bessent Won the ‘Knife Fight’ to Be Trump’s Treasury Secretary  -Scott Bessent Sees a Coming ‘Global Economic Reordering.’ He Wants to Be Part of It.  Further Listening: -Gaetz, Bondi and Trump's Department of Justice  -The Scramble Is on to Fill Trump's Cabinet  Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:00.0

During his campaign, one of President-elect Donald Trump's top issues was the economy.

0:12.2

Kamala Harris and Crooked Joe have driven our economy off a cliff.

0:18.0

The Harris price hikes have cost the typical household $28,000.

0:23.6

Congratulations.

0:25.6

Hope everyone's happy.

0:26.6

I'm going to make America affordable again.

0:29.6

In addition to make it great again, we're going to make it affordable again.

0:33.6

Trump promised big changes by levying tariffs, cutting taxes, and deregulating parts of the economy.

0:42.0

Which is why, as Trump has named his cabinet picks over the past few weeks, our colleague

0:46.8

Andrew Rastusha has been watching for one role in particular.

0:50.7

Yeah, we've been sort of chasing our tails over the last few weeks, trying to figure out what the president is going to do before he does it.

0:58.6

But this is a big one for us.

1:00.6

On Friday, the president-elect announced that he was going to pick Scott Bessent to run the Treasury Department.

1:09.6

Scott Bessent.

1:11.0

He's a 62-year-old hedge fund manager from South Carolina.

1:14.7

And unlike some of Trump's other cabinet nominations, this one took some time.

1:20.1

There were plenty of other decisions that happened quickly, the defense secretary, the attorney general.

1:23.9

Big positions that happened in just a matter of days.

1:26.1

The fact that this took more than two weeks

1:27.8

says a lot about the political importance of the economy for Trump. He knows that this is one of the

1:33.8

issues that sunk Biden and then later Harris. And he knows his political fortunes are really tied up in it.

1:39.2

Right. And the Treasury Secretary is key to making his economic promises happen.

...

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