Business Leaders Breathe Sigh of Relief as Trump Chooses Scott Bessent for Treasury Secretary
Business leaders are relieved that President-elect Donald Trump has chosen Scott Bessent, a hedge fund executive, to lead the Department of Treasury. Bessent’s selection comes after Trump’s more unconventional picks for other Cabinet posts. His pedigree as a global investor and his history of supporting both Republicans and Democrats have eased the worries of business leaders and financial markets.
Dow futures rose by more than 300 points on Monday morning, with futures on the S&P and Nasdaq 100 moving 0.5% higher. Treasury yields ticked down and the dollar fell. Jeffrey Sonnenfeld, founder and president of the Yale Chief Executive Institute, said, “There’s huge relief. Bessent is reasonable and pragmatic.”
JPMorgan Chase CEO Jamie Dimon, a powerful executive on Wall Street, is a fan of Bessent and believes he’s an excellent choice. Bessent, 62, has worked with renowned investors such as Jim Rogers, Jim Chanos, Stanley Druckenmiller, and George Soros.
As Treasury secretary, Bessent will act as Trump’s quarterback, executing his economic agenda. The role is crucial, especially given Trump’s focus on the economy and voters’ frustration with the cost of living. Sonnenfeld hopes that Bessent can moderate some of Trump’s more aggressive campaign promises that mainstream economists fear will reignite inflation.
That includes mass deportations that threaten to starve key industries of workers, potentially influencing Federal Reserve policy and across-the-board tariffs on all $3 trillion of US exports. Business leaders are hoping that Bessent can help tone down some of Trump’s more extreme policies and work with him to find a more balanced approach to the economy.