Scott Bessent emphasized the need to reprivatize the economy to fix the last administration’s mistakes. The secretary defended Trump’s policies, saying the president was trying to transition the economy to a private sector-powered one.

Treasury Secretary Scott Bessent warned that the US economy may see some disruption as the Trump administration shifts the basis for growth away from the government and toward the private sector.

Scott Bessent, a seasoned Wall Street investor, was confirmed on January 28, 2025, as the 79th US Secretary of the Treasury, becoming the first openly gay cabinet member in a Republican administration.