• U.S. Treasury Secretary Bessent Drives Trump's "America First" Economic Agenda Through Deregulation, Tariffs, and Cryptocurrency Policy

  • Mar 8 2025
  • Length: 4 mins
  • Podcast

U.S. Treasury Secretary Bessent Drives Trump's "America First" Economic Agenda Through Deregulation, Tariffs, and Cryptocurrency Policy

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  • Summary

  • U.S. Treasury Secretary Scott Bessent has been at the forefront of several significant economic and regulatory discussions over the last few days, reflecting the Trump administration's broader economic agenda.

    In a recent speech at the Economic Club of New York, Bessent outlined three critical pillars of President Trump's America First agenda. He emphasized the need for responsibly deregulating the financial sector to accelerate the "re-privatization of the economy." Bessent criticized the regulatory overreach of the past few years, which he believes has stymied growth and innovation. He highlighted the supervisory failures, particularly during the 2023 banking crisis under President Joe Biden, and stressed the need for a more efficient and effective regulatory framework. To achieve this, Bessent plans to use the Financial Stability Oversight Council (FSOC) and the President's Working Group on Financial Markets to drive regulatory changes and ensure coordination among financial regulators[1].

    Bessent also addressed President Trump's tariff policies, which are part of a broader effort to reorient international economic relations. He discussed how tariffs fit into the administration's international economic policy goals, emphasizing the interconnectedness of economic security and national security. The Treasury Department's financial tools are seen as crucial components of U.S. foreign policy, and Bessent mentioned the need to update these tools to better serve national interests[1].

    In addition to these policy discussions, Bessent has been involved in conversations about cryptocurrency, particularly the creation of a national strategic reserve of Bitcoin. During an interview on CNBC's 'Squawk Box,' Bessent expressed his support for the U.S. taking a leading role in cryptocurrency regulation. He mentioned that the current Bitcoin reserve is composed of seized assets, and the plan is to stop selling these assets and instead accumulate them. Bessent emphasized the need for a revenue-neutral approach to acquiring more Bitcoin and other cryptocurrencies, indicating that any future acquisitions would be part of a broader crypto reserve strategy[2].

    On the topic of market stability, Bessent provided a reality check on the current stock market decline. He rejected the notion of a "Trump put," where investors expect the White House to intervene to prop up the market. Instead, Bessent stated that the Trump administration's focus is on implementing good policies, which would naturally lead to market growth. He clarified that the administration is not targeting stocks directly and that any market rally would result from natural market dynamics rather than government intervention[4].

    The Treasury Department, under Bessent's leadership, has also made significant decisions regarding regulatory enforcement. Recently, the department announced the suspension of enforcement of the Corporate Transparency Act against U.S. citizens and domestic reporting companies. This move is part of President Trump's agenda to reduce burdensome regulations, especially for small businesses. The Treasury Department will propose new rulemaking to narrow the scope of the act to foreign reporting companies only, aiming to support American taxpayers and small businesses[5].

    These actions and statements reflect Bessent's commitment to the Trump administration's economic policies, focusing on deregulation, international economic reorientation, and innovative approaches to financial regulation and cryptocurrency management.
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