Treasury Secretary Bessent Critiques Federal Reserve, Announces Digital Payment Overhaul

In recent days, Treasury Secretary Scott Bessent has been at the forefront of economic discussions, outlining key aspects of the Trump administration's financial policies. On March 27, 2025, Bessent detailed a sweeping plan to improve Social Security, emphasizing "accountability" and "efficiency" as core principles. The plan aims to deliver benefits faster and reduce fraud risk by shifting to electronic payments from paper checks by the end of September.Bessent has also been addressing concerns about the current state of the U.S. economy. On March 7, he acknowledged some signs of weakness, stating, "Could we be seeing that this economy that we inherited starting to roll a bit? Sure." He emphasized the need for a transition from public to private spending, describing it as a "detox period" from government spending addiction.The Treasury Secretary has been actively promoting the administration's focus on lowering borrowing costs, particularly targeting 10-year Treasury yields rather than the Federal Reserve's benchmark short-term interest rate. Bessent reiterated his view that expanding energy supply will help lower inflation, especially for working-class Americans.In a significant move, Bessent announced on March 2 the creation of an "affordability czar" within the Treasury Department. This new role is designed to identify key areas where the administration can make a substantial difference for working-class Americans, addressing the ongoing concern of high prices in the U.S.Regarding international economic policy, Bessent has been defending the administration's tariff policies. He described tariffs as a "one-time price adjustment" and pushed back against the idea that they would fuel continued inflation. This stance aligns with the broader goal of reorienting U.S. international economic relations.On March 6, Bessent delivered a comprehensive speech at the Economic Club of New York, outlining three critical pillars of President Trump's America First agenda. He addressed the administration's plans for deregulating the financial sector, reorienting international economic relations through tariff policies, and updating financial tools as a component of U.S. foreign policy.Most recently, on April 1, Bessent appeared on Fox News to discuss looming tariffs and potential tax cuts. He emphasized that the Trump administration will continue to insist on fair trade practices, signaling a continued focus on reshaping global trade policies.Throughout these appearances and announcements, Bessent has consistently emphasized the administration's commitment to improving economic conditions for working-class Americans, reducing government spending, and reshaping both domestic and international economic policies. His statements reflect a concerted effort to implement President Trump's economic vision, focusing on deregulation, tariff adjustments, and fiscal responsibility.This content was created in partnership and with the help of Artificial Intelligence AI

1 Huhti 3min

Treasury Secretary Scott Bessent has been at the center of several key economic developments and policy decisions in recent days. On March 17, Bessent made headlines with his comments about market corrections, stating that they are "healthy" and "normal." This perspective was challenged by CNBC's Jim Cramer, who argued that the current market situation is atypical and stems from concerns about a potential recession caused by President Trump's policies rather than typical economic factors.Bessent's remarks came amid a significant market downturn, with the S&P 500 entering correction territory. The Treasury Secretary's stance appears to align with the Trump administration's broader economic strategy, which has included deregulation efforts and a focus on reshaping global trade policies.In a speech at the Economic Club of New York on March 6, Bessent outlined three critical pillars of the administration's America First agenda. He emphasized the importance of deregulating the financial sector to accelerate what he termed the "re-privatization of the economy." Bessent also discussed the administration's tariff policies and their role in reorienting international economic relations.A key focus of Bessent's recent activities has been addressing the affordability crisis facing many Americans. In a March 2 interview on "Face the Nation," he acknowledged the challenges but defended the administration's approach, citing decreases in interest rates and mortgage rates as positive indicators. Bessent also revealed plans to appoint an "affordability czar" and establish an affordability council to tackle issues affecting working-class Americans.On the international front, Bessent has been actively involved in discussions with foreign counterparts. On March 18, he met with Turkish Minister of Treasury and Finance Mehmet Şimşek to discuss economic trends and mutual concerns, including sanctions and national security issues.Bessent's tenure has also seen a focus on modernizing government systems. He recently outlined a plan to improve Social Security, emphasizing accountability and efficiency. This includes a shift to electronic payments from paper checks by the end of September, aimed at reducing fraud risks and unnecessary costs.In the realm of cryptocurrency, Bessent faces scrutiny from Congress regarding President Trump's executive order on creating a strategic reserve for cryptocurrency. This move has raised questions about its potential impact on the financial system and regulatory landscape.As the Treasury Secretary navigates these complex economic and policy challenges, his actions and statements continue to shape the financial landscape and the administration's economic agenda. With ongoing market volatility and global economic uncertainties, Bessent's role in steering U.S. economic policy remains crucial and closely watched by investors, policymakers, and the public alike.This content was created in partnership and with the help of Artificial Intelligence AI

30 Maalis 3min

Scott Bessent, the 79th Secretary of the Treasury, has been making headlines with his recent statements and actions regarding the U.S. economy and international trade policies. In a recent interview on CNBC's "Squawk Box," Bessent acknowledged signs of weakness in the economy, suggesting that it might be "starting to roll a bit." He attributed this to a natural adjustment as the country moves away from public spending to private spending, describing it as a "detox period" from the previous administration's policies.Bessent has been actively promoting the Trump administration's economic agenda, focusing on deregulation, reordered global trade, and lower government spending to pay for tax cuts. He emphasized that the administration's priority is pushing for policies rather than focusing on stock market performance, rejecting the notion of a "Trump put" to prop up markets.The Treasury Secretary has also been addressing concerns about the U.S. debt ceiling. Recent reports indicate that America could run out of cash to pay its bills as early as this summer, adding urgency to ongoing discussions about fiscal policy and government spending.In a significant development, Bessent did not rule out the possibility of allowing Russian banks to rejoin the SWIFT international payment messaging system. During an interview with Fox News, he stated that "everything is on the table" regarding negotiations to end the war in Ukraine. However, he cautioned that such discussions were premature without a concrete deal in place.Bessent recently gave a speech at the Economic Club of New York, where he outlined three critical pillars of President Trump's America First agenda. He discussed plans to deregulate the financial sector, reorient international economic relations through tariff policies, and update financial tools as part of U.S. foreign policy.The Treasury Department, under Bessent's leadership, is also taking a strong stance on Iran. He announced a "maximum pressure campaign" designed to collapse Iran's economy, targeting its oil exports and financial networks. Bessent warned that if "economic security is national security, the regime in Tehran will have neither."Lastly, Bessent is facing scrutiny from Congress regarding President Trump's recent executive order on creating a strategic reserve for cryptocurrency. The House Oversight Committee has sent a letter requesting information about this initiative, highlighting the ongoing debates surrounding digital currencies and their role in the U.S. financial system.As Bessent continues to navigate these complex economic and geopolitical issues, his actions and statements will likely remain under close scrutiny from both domestic and international observers.This content was created in partnership and with the help of Artificial Intelligence AI

27 Maalis 2min

Scott Bessent, the 79th Secretary of the Treasury of the United States, has been making headlines with his recent statements and actions regarding the economy and international trade.In a recent interview with CNBC's "Squawk Box," Bessent discussed the state of the economy and U.S. foreign trade relations. He emphasized that the current administration's approach to global trade is not a radical change but rather a "much-needed course adjustment." Bessent argued that the goal is to make free trade fair trade, addressing the imbalances in trading systems that have led to significant trade deficits for the United States.Bessent has also been actively involved in negotiations with international partners. He recently met with Ukrainian President Volodymyr Zelenskyy to discuss an economic partnership agreement. Although the meeting did not result in an immediate signing, Bessent expressed the importance of bringing the Ukrainian people closer to the United States through economic ties.The Treasury Secretary has been a vocal supporter of President Trump's reciprocal tariff policy. In an interview with Fox Business, Bessent revealed that some of America's "worst trading partners" have already reached out to negotiate, offering substantial decreases in what he described as unfair tariffs. He expressed optimism that some tariffs may not need to be implemented as deals could be pre-negotiated before the April 2nd deadline.On the domestic front, Bessent has been focusing on the bond market and interest rates. His fixation on the 10-year Treasury yield has been so intense that it has forced some Wall Street analysts to revise their predictions for 2025. The phrase "Don't fight Bessent's Treasury" has become a new mantra in the U.S. bond market, highlighting the impact of his policies and statements on financial markets.In a recent cabinet meeting, Bessent outlined the administration's economic strategy, which includes reprivatizing the economy, reducing government spending, and decreasing excess employment in the government sector. He emphasized that these measures, combined with efforts to relever the banking system and create new manufacturing jobs, will lead to controlled inflation and lower interest rates.Bessent has also been addressing the intersection of economic and national security. In a speech at the Economic Club of New York, he discussed the administration's use of financial tools as a critical component of U.S. foreign policy. He highlighted the ongoing sanctions campaign against Iran, designed to collapse its oil exports and cut off its access to the international financial system.As the Trump administration continues to implement its America First agenda, Scott Bessent remains at the forefront of shaping economic policy and international trade relations. His actions and statements continue to have significant implications for both domestic and global markets.This content was created in partnership and with the help of Artificial Intelligence AI

25 Maalis 3min

Treasury Secretary Scott Bessent has been in the spotlight recently, addressing concerns about the U.S. economy and defending the Trump administration's policies. In a recent interview on "Face the Nation," Bessent acknowledged the ongoing affordability crisis but emphasized that the administration is working to address it. He highlighted that interest rates and mortgage rates have been decreasing since President Trump took office, which he considers a positive start towards improving housing and auto affordability.Bessent also announced plans to appoint an "affordability czar" and establish an affordability council to focus on areas where the administration can make a significant difference for working-class Americans. This move is part of the administration's efforts to tackle the economic challenges faced by many Americans.The Treasury Secretary has been actively defending the administration's tariff policies, describing them as a "much-needed course adjustment" rather than a radical change. Bessent argued that the trading systems have become imbalanced, pointing to the large trade deficits run by the United States and the surpluses accumulated by other countries. He stressed that the goal is to make free trade fair trade.In a recent speech at the Economic Club of New York, Bessent outlined three critical pillars of President Trump's America First agenda. He discussed plans to deregulate the financial sector, reorient international economic relations through tariff policies, and update financial tools as a component of U.S. foreign policy. Bessent emphasized that these pillars are part of a holistic program aimed at improving the lives of every American.The Treasury Secretary has also been involved in international affairs, recently meeting with Ukrainian President Volodymyr Zelensky to discuss an economic partnership agreement. Although Zelensky did not sign the agreement during their meeting, Bessent expressed the importance of bringing the Ukrainian people closer to the U.S. people through economic ties.In response to recent stock market volatility, Bessent has taken a calm approach, stating that he is not worried about the market's "healthy correction." He argued that corrections are normal and even beneficial, as they can prevent financial crises caused by euphoric markets. This stance has drawn some criticism, with CNBC's Jim Cramer disagreeing with Bessent's assessment of the situation.Bessent has also been involved in implementing President Trump's executive order on creating a strategic reserve for cryptocurrency. This move has raised questions from some members of Congress, who have requested more information about the plan and its potential implications.As Treasury Secretary, Bessent continues to play a crucial role in shaping U.S. economic policy and addressing both domestic and international financial challenges. His actions and statements are closely watched by investors, policymakers, and the public as indicators of the administration's economic direction.This content was created in partnership and with the help of Artificial Intelligence AI

23 Maalis 3min

Treasury Secretary Scott Bessent has been in the spotlight recently as he navigates economic challenges and implements the Trump administration's policies. In a recent interview on NBC's "Meet the Press," Bessent addressed concerns about the economy and defended the administration's tariff policies. Despite market turbulence and declining consumer sentiment, Bessent remained optimistic, stating that the administration's policies will alleviate the affordability crisis and moderate inflation.Bessent acknowledged the possibility of a recession but emphasized that the administration is implementing strong policies designed to endure. He downplayed recent stock market fluctuations, focusing instead on long-term economic benefits he believes tariffs will generate. This stance aligns with the administration's strategy of prioritizing long-term economic goals over short-term market reactions.The Treasury Secretary's comments have drawn criticism from some financial experts. CNBC's Jim Cramer disagreed with Bessent's assertion that market corrections are "healthy" and "normal," arguing that the current situation is atypical due to concerns about a recession potentially caused by presidential policies.Bessent has also been actively involved in implementing President Trump's international economic agenda. He discussed the administration's "maximum pressure" campaign on Iran, aimed at collapsing the country's oil exports and economy. This strategy includes aggressive use of sanctions and efforts to cut off Iran's access to the international financial system.In a recent speech at the Economic Club of New York, Bessent outlined three key pillars of the Trump administration's economic policy: deregulating the financial sector, reorienting international economic relations through tariffs, and integrating economic and national security. He emphasized the administration's commitment to making financial regulation more efficient and tailored, while also using economic tools to advance U.S. foreign policy objectives.Bessent's tenure has also seen some controversial decisions. He granted Elon Musk and his Department of Government Efficiency team access to the Treasury Department's payment system, which handles trillions in federal payments and contains sensitive tax information. Additionally, as acting director of the Consumer Financial Protection Bureau, Bessent ordered the agency to halt all work, raising concerns among consumer advocates.The Treasury Secretary continues to face scrutiny over the economic impact of the administration's policies, particularly regarding tariffs and their potential effect on consumer prices. As he navigates these challenges, Bessent remains a key figure in shaping and implementing President Trump's economic vision, balancing domestic priorities with international economic relations and national security concerns.This content was created in partnership and with the help of Artificial Intelligence AI

22 Maalis 3min

Scott Bessent, the newly appointed U.S. Secretary of the Treasury, has been at the forefront of several significant economic and policy developments in the last few days. On March 5, 2025, Secretary Bessent met with Israel's Minister of Finance, Bezalel Smotrich, to reinforce the economic partnership between the United States and Israel. The meeting emphasized the importance of deepening economic cooperation, fostering innovation, and strengthening financial and trade ties. Both nations reaffirmed their commitment to a strategic economic partnership, recognizing its vital role in driving growth and prosperity[1].In another major development, Secretary Bessent announced the suspension of enforcement of the Beneficial Ownership Information (BOI) reporting requirement for U.S. citizens and domestic companies. This decision, praised by former President Donald Trump, is part of the Trump administration's broader agenda to reduce regulatory burdens on American businesses. The Treasury Department will no longer enforce penalties or fines associated with BOI reporting for U.S. citizens or domestic reporting companies, instead focusing on foreign companies. This move is seen as a victory for small businesses, which have been impacted by what was deemed an "outrageous and invasive" rule[1].Bessent has also been actively engaged in international economic diplomacy. He recently spoke with Acting President Choi Sang-mok of Korea to discuss opportunities for joint prosperity under the Trump Administration’s America First Trade Policy. The conversation highlighted the importance of addressing shared economic and security challenges in the Indo-Pacific region and beyond[1].One of the most contentious issues Bessent has addressed is the extension of the Trump tax cuts of 2017. In an exclusive interview on FOX Business Network's "Kudlow," Bessent emphasized the White House's desire to make these tax cuts permanent rather than opting for a temporary extension. He argued that failing to extend these cuts would result in the largest tax hike in history, negatively impacting the U.S. economy, budget deficit, and the lifestyles of working-class Americans[1].Bessent's economic views include a skepticism towards certain aspects of globalization and a support for tariffs as a means to increase revenue and encourage domestic production. He has argued that tariffs can help reduce reliance on industrial production from strategic rivals and has advised on policies aimed at cutting the budget deficit and boosting GDP growth through deregulation[1].Recently, Bessent has faced scrutiny over his stance on the stock market, particularly during a period of significant market volatility. Despite the S&P 500 facing its first market correction since 2023, with a drop of over 10% from its recent peak, Bessent remains unworried. In an interview with NBC's "Meet the Press," he stated that corrections are healthy and necessary to avoid euphoric markets that could lead to a financial crisis. He emphasized that long-term economic gain will not occur without some short-term pain and expressed confidence that the Trump administration's policies, including good tax policy, deregulation, and energy security, will ultimately benefit the markets[4].Bessent's public message has been consistent: that the administration's policies, though potentially painful in the short term, are necessary to reset the economy on a sustainable path. He has also highlighted the need to reduce government spending to prevent a future financial crisis, arguing that the current actions are part of a broader strategy to address what he perceives as a broken system[2][4].Despite the recent market setbacks and concerns from Wall Street, Bessent remains committed to the Trump administration's economic agenda, which includes sweeping tariffs and significant deregulation. His stance has been seen as a departure from the expectations of many on Wall Street, who had hoped he would act as a moderating influence on President Trump's policies[2].This content was created in partnership and with the help of Artificial Intelligence AI

20 Maalis 4min

In recent days, U.S. Treasury Secretary Scott Bessent has been at the forefront of economic discussions, particularly in the context of the Trump administration's policies and their impact on financial markets. During an appearance on NBC's "Meet the Press" on Sunday, Bessent addressed the current market turmoil and the potential for a recession, acknowledging that "there are no guarantees" against such an economic downturn.Bessent's comments came amid significant market volatility triggered by President Donald Trump's extensive tariffs on international trading partners, including recent tariffs imposed on Canada and Mexico. Despite the market fluctuations, Bessent downplayed the short-term economic impact, emphasizing that corrections in the market are "healthy" and "normal." He drew from his 35 years of experience in the investment business to argue that such corrections prevent euphoric markets that can lead to financial crises, citing the lack of intervention in 2006 and 2007 as a precursor to the 2008 financial crisis.The Treasury Secretary reiterated the administration's long-term economic strategy, focusing on good tax policy, deregulation, and energy security. He expressed confidence that these policies will ultimately benefit the markets, despite current disruptions. Bessent's stance reflects the administration's broader position that short-term market disturbances are necessary for redirecting the U.S. economy onto a more secure trajectory.Bessent's views on market corrections and the administration's economic policies have not aligned with the expectations of many on Wall Street. Initially, there was hope that Bessent, a former hedge fund manager, would act as a moderating influence on Trump's economic policies. However, he has instead become a strong advocate for the administration's agenda, including sweeping tariffs and significant reductions in government spending.The recent market sell-off, which saw the S&P 500 drop over 10% from its recent peak, has heightened concerns about the economic impact of these policies. Bessent, however, remains unconcerned about the long-term health of the markets, stressing that the current adjustments are part of a necessary transition to a more sustainable economic path. He noted that the large government deficits, currently at 6.7% of GDP, need to be brought down to prevent a future financial crisis.Bessent's public message has been consistent: long-term economic gains will not occur without some short-term pain. This perspective is in line with the Trump administration's broader mandate for reshaping U.S. economic policy, even if it means enduring short-term market volatility. Despite growing market apprehension and a recent poll showing 56% of American adults disapproving of Trump's economic management, Bessent remains optimistic about public support for the administration's policies over time.The Federal Reserve, which is set to review interest rates this week, has also been watching the "net effects" of Trump's policies on the economy. Fed Chair Jerome Powell and his colleagues are not in a hurry to cut rates, aligning with Bessent's higher threshold for implementing policy support or the so-called 'Trump put' for the market. This suggests that any significant market intervention may be delayed, requiring more substantial market declines before action is taken.In summary, Scott Bessent's recent statements underscore the Trump administration's commitment to its economic policies, despite the short-term market turbulence. His views on healthy market corrections and the necessity of short-term pain for long-term economic gain have set a clear direction for the administration's economic strategy, even if it diverges from the expectations and concerns of many in the financial community.This content was created in partnership and with the help of Artificial Intelligence AI

18 Maalis 4min