Bessent Hails Trump Agenda as Candidates Vie for Treasury Post

Key Square Group LP founder Scott Bessent, one of the top contenders for Treasury secretary under Donald Trump, praised the president-elect’s economic agenda as one that would grow diverse sectors of the economy, as the jockeying for posts in the incoming Cabinet intensifies.

Author of the article:

Bloomberg News

Akayla Gardner

Published Nov 14, 2024  •  4 minute read

Scott Bessent Photographer: Stefani Reynolds/Bloomberg Photo by Stefani Reynolds /Photographer: Stefani Reynolds/B

(Bloomberg) — Key Square Group LP founder Scott Bessent, one of the top contenders for Treasury secretary under Donald Trump, praised the president-elect’s economic agenda as one that would grow diverse sectors of the economy, as the jockeying for posts in the incoming Cabinet intensifies.

“Everyone asks me, ‘What do you tell President Trump he should do?’ I don’t have to tell Donald Trump he should do anything. He’s done it. We had a great economy under Trump 1.0,” Bessent said in an interview on Fox News’ Fox and Friends on Thursday.

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“Under Donald Trump, we could have a golden age for the next four years. We can bring back the manufacturing. We can have energy dominance,” he added. “We’re going to have peace and we’re going to have this technology boom.”

The contest to be Trump’s second-term Treasury secretary has spilled into public view in recent days with Howard Lutnick, the CEO of Cantor Fitzgerald LP, former US Trade Representative Robert Lighthizer and former SEC head Jay Clayton all being mentioned as possible picks. 

Bessent, who was a prominent advocate for Trump during the campaign, has the support of a wide-range of leaders across Trump’s coalition, including longtime allies Steve Bannon and Ralph Reed.

Lutnick, for his part, is making a play for the job himself, according to people familiar with the matter. Lutnick, who Trump tapped as transition co-chair, is among those pushing back against Bessent, saying the hedge fund manager is soft on key protectionist pledges, including tariffs, according to the people familiar.

The Treasury secretary nomination could come as soon as this week.

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Fox News’ morning show is a friendly venue for the incoming president and his conservative allies — and a way to garner the attention of Trump, an avid cable news viewer.

Bessent on Thursday hailed Trump’s electoral coalition that drew on support from prominent Wall Street executives and business leaders, including Elon Musk — the world’s richest person — as well as from working class Americans frustrated by high costs for groceries and housing and worried about the impact of President Joe Biden’s policies on jobs and wages.

“Think about the coalition that Donald Trump assembled. This was the greatest political comeback in history, greatest political comeback in history, and it was a combination of working-class Americans and Elon Musk, the richest person the world. Who else could do that, but Donald Trump,” he said.

Here’s how Trump’s transition is shaping up on Thursday: 

Personnel Chief

Trump is selecting Sergio Gor, the co-founder of a conservative publishing company that produces the president-elect’s books, to head the White House Office of Presidential Personnel, according to reports from Semafor and the New York Times.

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Donald Trump Jr., the president-elect’s son who helped start the publishing company with Gor, praised the selection in a post on X, writing: “Awesome news. Sergio will be great!”

As head of the office, Gor will help vet potential incoming employees and will be responsible for helping fill thousands of jobs across the federal agencies. 

Crucial to staffing Trump’s White House in a second term will be tapping officials deemed loyal to the president-elect, who has bristled at criticism from former aides, and ensuring that employees align with the values and goals of the incoming administration.

Multiple officials led the office during Trump’s first term, including his longtime aide John McEntee. McEntee would go on to found a dating app backed by billionaire Peter Thiel.

‘Screaming From a Podium’

Alina Habba, one of Trump’s top lawyers and his legal spokesperson, ruled out serving as the president-elect’s press secretary following reports that she was under consideration for one of the most visible roles in his incoming administration.

“While I am flattered by the support and speculation, the role of Press Secretary is not a role I am considering. Although I love screaming from a podium I will be better served in other capacities,” Habba wrote Thursday on X.

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The press secretary is the face of the president’s daily messaging. It’s a role that holds particular importance to Trump who watched his press secretaries’ performance closely during his first term.

Trump’s press secretaries regularly clashed with reporters as they defended him during his first term — at times promoting unfounded claims and going for stretches without regular public briefings.

Gaetz Selection

Senator James Lankford of Oklahoma on Thursday said Republicans in the chamber would handle Trump’s nomination of Matt Gaetz for attorney general as they would any other selection.

“We’re going to do the Matt Gaetz confirmation like all the rest of them,” Lankford said on Fox and Friends Thursday.

Asked about potential pressure from Trump to see the nomination through, Lankford said he expected Trump to “stay engaged in the process,” calling the president-elect a “hands-on leader.”

“President Trump has put a bunch of nominations out there. We’ve got to get on with those very, very quickly, when the new Congress is sworn in,” Lankford said.

As Trump’s team take shape, one of his most startling picks so far as been tapping Gaetz for attorney general. Trump is enlisting a Florida Republican who was the subject of a House inquiry into sexual misconduct allegations to head the nation’s top law enforcement agency — one that will shape the administration’s agenda on immigration, crime and other hot-button issues.

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Gaetz, 42, is a staunch Trump ally but a polarizing figure within his own caucus. Gaetz resigned his seat in the House on Wednesday night after Trump made his selection public.

The appointment threatens to test Trump’s sway over Senate Republicans who will regain control of the chamber in January and are tasked with helping confirm the president-elect’s nominees.

The GOP is expected to hold a 53-47 seat majority, so it would take just four Republican senators to sink his nomination.

Former House Speaker Kevin McCarthy, who Gaetz helped topple from his post, predicted that Gaetz would not get confirmed.

—With assistance from Saleha Mohsin and Nancy Cook.

(Updates to add details on Gor pick and Habba comments on press secretary post)

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