Trump nominates Scott Bessent as treasury secretary; picks Russ Vought to lead budget office

Published On Nov 22, 2024, 6:29 PM

President-elect Trump has nominated Scott Bessent, a prominent investor and founder of Key Square Group, as the Treasury Secretary. Bessent is an advocate for economic policies including lower taxes, spending restraint, and deregulation. Trump asserts that Bessent's expertise will be instrumental in achieving a prosperous economic future in the U.S., aiming for growth and support for small businesses. The nomination reflects a commitment to the 'America First Agenda' and seeks to bolster the U.S. economy while maintaining the dollar's status as the world's reserve currency.

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Positive

If Bessent is confirmed, his focus on deregulation and support for small businesses could usher in policies that stimulate economic growth. This may positively impact sectors like finance and small-cap stocks, as well as ETFs focused on growth or small-cap companies.

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Additionally, Trump's economic agenda and the emphasis on a strong dollar may benefit large multinational companies, particularly those in the finance and energy sectors that are sensitive to regulatory changes.

Trump nominates Scott Bessent as treasury secretary; picks Russ Vought to lead budget office

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