According to three sources, the USA Senate Finance Committee plans to hold a hearing on January 16 regarding USA President-elect Trump's nomination of Scott Bessen for Secretary of the Treasury.

The new Republican chairman of the Finance Committee, Senator Mike Crapo's spokesperson Amanda Creechfield stated that the hearing date has not yet been officially determined, and added, "Senator Crapo is committed to advancing Bessen's nomination as soon as possible."

It is understood that last November, Trump chose hedge fund investor Bessen for the position of Treasury Secretary, after several well-known financiers fiercely competed for this coveted position that has a significant impact on the USA economy, taxation, regulation, and international affairs.

Bessen faces a series of challenges, including rising Bond yields, which will make it more difficult to manage the $36 trillion federal debt burden. If Trump's tax cut plan is implemented without offsetting savings, it is expected that federal debt burden will grow by nearly $8 trillion over the next decade.

The founder of Key Square Capital Management also needs to maintain financial stability, as Trump's imposition of high tariffs on imported goods may disrupt supply chains as well as trade relations with allies and adversaries. However, Bessen believes that Trump's agenda will unleash stronger economic growth and income, boosting market confidence.

Editor/ping