Business leaders say they are relieved President-elect Donald Trump made a safe choice to lead the Department of Treasury after more unconventional selections to other Cabinet posts.
Hedge fund executive Scott Bessent survived an internal squabble over the role of Treasury secretary, a key position that will face almost immediate deadlines and pressures.
Bessent’s pedigree as a global investor who has worked with legendary money managers, 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 Monday morning, with futures on the S&P and Nasdaq 100 moving 0.5% higher. Treasury yields ticked down and the dollar fell.
“There’s huge relief,” said Jeffrey Sonnenfeld, founder and president of the Yale Chief Executive Institute. “Bessent is reasonable and pragmatic.”
JPMorgan Chase CEO Jamie Dimon, one of the most powerful executives on Wall Street, is a fan, too. Dimon thinks very highly of Bessent and believes he’s an excellent choice, a source close to Dimon told CNN on Sunday.
Bessent, 62, has worked with some of the most renowned investors in the world, including Jim Rogers, Jim Chanos, Stanley Druckenmiller and George Soros.
The Treasury secretary role is one of the most crucial hires of any administration, but especially this one given Trump’s focus on the economy and voters’ deep frustration with the cost of living.
Bessent will act as Trump’s quarterback, executing his economic agenda. And for this key position, Trump opted to go with a pick that is not expected to draw a contentious confirmation battle.
Sonnenfeld, known as “the CEO Whisperer” for his rolodex of business contacts, said the hope of Corporate America is 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.
Read more about how business leaders are reacting to Trump’s Treasury secretary pick.