Scott Bessent raised cash for Democrats earlier than backing the president-elect’s “America First” model of financial populism
US President-elect Donald Trump has tapped George Soros’ former chief funding officer to guide the Treasury Division. Scott Bessent, who fundraised for Democrats throughout his time with the liberal financier, now backs Trump’s “America First Agenda,” the incoming president stated.
Trump introduced Bessent’s nomination on Friday, amid a collection of different cupboard picks together with Republican Consultant Lori Chavez-DeRemer for Labor Secretary and former NFL star and Texas state lawmaker Scott Turner for Housing and City Growth Secretary.
”Scott has lengthy been a powerful advocate of the America First Agenda,” Trump wrote on his Fact Social platform. “On the eve of our Nice Nation’s 250th Anniversary, he’ll assist me usher in a brand new Golden Age for the US, as we fortify our place because the World’s main Financial system, Heart of Innovation and Entrepreneurialism, Vacation spot for Capital, whereas all the time, and with out query, sustaining the US Greenback because the Reserve Foreign money of the World.”
As treasury secretary, Bessent can have affect over US monetary and tax coverage, public debt, and sanctions.
Bessent is the founding father of Key Sq. Group, a world funding agency. Throughout the Nineteen Nineties, nevertheless, he labored because the chief funding officer of Soros Fund Administration, and led the fund’s London workplace when Soros made greater than a billion {dollars} betting on the collapse of the British pound in 1992.
Bessent hosted a fundraiser for Democratic presidential candidate Al Gore in 2000, the identical yr that he left Soros Fund Administration. He has since donated to Barack Obama and Hillary Clinton, however lately has deserted his assist for the Democratic Get together and change into an enthusiastic supporter of Trump’s protectionist model of economics.
In 2016, Bessent donated $1 million to Trump’s 2017 presidential inaugural committee. Earlier this yr, he raised a number of million {dollars} for Trump, earlier than becoming a member of the Republican’s marketing campaign as an financial adviser.
Bessent advised Monetary Instances final month that he helps Trump’s coverage of utilizing tariffs to redress commerce imbalances with international nations, however predicts that Trump’s proposed 20% blanket tariffs on all imports can be “watered down” throughout negotiations with international leaders.
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