President-elect Donald Trump famously promised to let Robert Kennedy Jr. “go wild” on public health issues, but he isn’t taking the same sweeping approach toward the Treasury, according to a Washington Post analyst.
Despite some eyebrow-raising selections to his new administration, Trump’s more conventional pick to lead the nation’s most important economic agency of hedge fund executive Scott Bessent is his attempt to strike a middle ground “between the worlds of MAGA and money,” according to Washington Post columnist Heather Long.
“But he also clearly understands how markets — including the U.S. debt market — work,” Long added. “He would bring credibility to a Cabinet that has some clowns.”
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Bessent is no stranger to Wall Street, having made his fortunes as a top investment manager at Soros Fund Management and is seen as one of the world's leading currency experts, Long told readers. And Wall Street responded positively to his appointment, eager for stability.
“Already, Bessent has become a Wall Street whisperer for Trump, trying to assuage fears about Trump’s planned tariffs,” Long wrote, adding that Bessent is “a peace offering to Wall Street.”
While Bessent has expressed intentions to back Trump’s promise of increased tariffs, he will be responsible for being the administration’s leading economic voice around the nation and abroad.
“Almost immediately, he will be faced with helping push for Congress to lift the debt ceiling — which is set to expire in January before Trump takes office,” Long wrote. “He will then be flung right into the debate over extending Trump’s tax cuts and the key question of how much more debt can the nation handle beyond the nearly $36 trillion that’s already on the books.”
