Scott Bessent

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Report: Bessent, Musk Had Heated Clash in White House

'It was two billionaire, middle-aged men thinking it was WWE in the hall of the West Wing'

(Newser) - The friction between Elon Musk and Treasury Secretary Scott Bessent reportedly caused sparks to fly in the White House last Thursday. Axios , citing two witnesses and three sources briefed on the matter, reports that the two men had a shouting match within earshot of President Trump and visiting Italian Prime...

Bessent: Trade War With China Is Not 'Sustainable'

In private speech, Treasury chief says he expects 'de-escalation'

(Newser) - US Treasury Secretary Scott Bessent said in a Tuesday speech that the ongoing tariffs showdown against China is unsustainable and expects a "de-escalation" in the trade war between the world's two largest economies.
  • But in a private speech in Washington for JPMorgan Chase, Bessent also cautioned that talks
...

Musk-Bessent Friction Leads to More Drama at IRS
Musk-Bessent Friction Leads
to More Drama at IRS
the rundown
Apr 18, 2025 2:13 PM CDT

Musk-Bessent Friction Leads to More Drama at IRS

Tax agency is getting yet another interim leader

(Newser) - The IRS is getting its fifth leader since January, and the latest turnover is the result of friction between Elon Musk and Treasury Secretary Scott Bessent, reports the New York Times . Coverage:
  • Deputy Treasury Secretary Michael Faulkender is taking over, reports the Wall Street Journal . He is Bessent's pick.
...

A Key Moment in Tariff Reversal: Sean Hannity's Show
A Key Moment in Tariff
Reversal: Sean Hannity's Show
the rundown
Apr 10, 2025 6:29 AM CDT

A Key Moment in Tariff Reversal: Sean Hannity's Show

Trump watched GOP senators voice concerns, then spoke with them afterward

(Newser) - Asian and European markets surged on Thursday, as the US market did the previous day on news of President Trump's partial reversal on tariffs . However, the major American indexes were poised to open Thursday with losses of 1% to 2% as investors continue to process the dizzying chain of...

Bessent's New Comments Worsen Mood on Wall Street

Futures are down after treasury secretary calls correction 'healthy' and won't rule out a recession

(Newser) - After falling into correction territory last week—with the benchmark S&P 500 off 10% from its earlier highs—stocks were poised to start the new week with modest declines. Dow futures were down more than 130 points, and USA Today reports that comments from Treasury Secretary Scott Bessent over...

Treasury Chief: We May Need 'Detox' on Economy

Bessent foresees some turbulence as government spending declines

(Newser) - It's not a word typically applied to the economy, and it may not thrill Wall Street investors. But Treasury Secretary Scott Bessent told CNBC on Friday that the nation's economy may be in need of a "detox."
  • "Look, there's going to be a natural
...

Musk Would Be Among the Few to Ever Check on Fort Knox Gold
Fort Knox Has Had Few Visitors
Feb 23, 2025 10:00 AM CST

Fort Knox Has Had Few Visitors

One inspection followed rumors the gold was gone

(Newser) - President Trump says Elon Musk will be looking at Fort Knox, the famous depository in Kentucky for American gold reserves, to make sure the gold is still there. Treasury Secretary Scott Bessent says that there is an audit every year and that "all the gold is present and accounted...

Report: Trump's Ukraine Mineral Deal Has Been 'Improved'

Zelensky's aides have urged him to sign it, sources say

(Newser) - The Trump administration is still pushing for a deal for mineral rights in Ukraine after disagreements over the issue led to a very public falling out between President Trump and Volodymyr Zelensky. The Wall Street Journal reports that the administration has doubled down on demands for Ukraine to sign away...

Bessent Tells CFPB to Stop Nearly All Its Work

Consumer watchdog has been a target of business interests, including banks

(Newser) - The Consumer Financial Protection Bureau has all but shut down after receiving a list of tasks from Treasury Secretary Scott Bessent that it is no longer allowed to do. Bessent, who is functioning as the bureau's acting director after President Trump fired Rohit Chopra on Saturday, wrote in a...

Warren to Treasury Chief: You Blew It on Elon Musk

Senator criticizes decision to grant him access to federal payments system

(Newser) - Days after the new Treasury secretary gave Elon Musk access to a sensitive federal payments system , Sen. Elizabeth Warren has a question: What you were thinking, Scott Bessent?
  • "I am alarmed that as one of your first acts as secretary, you appear to have handed over a highly sensitive
...

Bessent Gives Musk Access to Payroll System

Top Treasury official, since ousted, had blocked the move

(Newser) - After the ouster of a top Treasury Department official who had resisted the move, Elon Musk and his team have received full access to a sensitive government system that handles trillions of dollars in federal payments. Treasury Secretary Scott Bessent granted the unprecedented access late Friday, the New York Times...

Treasury Pick Wins Senate Confirmation

Democrats argue nominee's tax returns show how the wealthy profit under current system

(Newser) - Scott Bessent, a hedge fund manager, won Senate confirmation on Monday to become Treasury secretary, minutes after two Democrats criticized him in floor speeches over his handling of self-employment taxes involving his hedge fund. The 68-29 vote puts Bessent in place to steer President Trump's economic priorities, including extending...

Dow Jumps 440 Points to Record High
Dow Hits New Record High
MARKETS
Nov 25, 2024 3:51 PM CST

Dow Hits New Record High

Trump's Treasury pick may have eased worries about rising bond yields

(Newser) - Stocks closed higher on Wall Street Monday, sending the Dow Jones Industrial Average to another all-time high.
  • The Dow rose 440.06 points, or 1%, to 44,736.5, adding to the record it set on Friday.
  • The S&P 500 rose 18.03 points, or 0.3%, to 5,
...

Treasury Nominee's '3-3-3' Plan Won Trump Over
Treasury Nominee's '3-3-3'
Plan Won Trump Over
the rundown
Nov 24, 2024 9:00 AM CST

Treasury Nominee's '3-3-3' Plan Won Trump Over

But Scott Bessent's Democratic past nearly torpedoed him

(Newser) - President-elect Trump's Cabinet is complete after a slew of weekend announcements . Included in this latter batch is the nomination of Scott Bessent to be Treasury secretary. Trump took his time with this pick not only because he views it as a crucial position but because it became the most...

Trump Makes His Pick for Treasury Secretary

Former Soros money manager Scott Bessent would be first openly gay man in the job

(Newser) - President-elect Trump announced Friday that he'll nominate former George Soros money manager Scott Bessent, an advocate for deficit reduction, to serve as his next treasury secretary. Trump also said he would nominate Russel Vought to lead the Office of Management and Budget, a position Vought held during Trump's...

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