scottbessent

#ScottBessent
U.S. Treasury Secretary Scott Bisent stated that he wishes to remain in his current position after a report emerged suggesting he is a candidate to succeed the Federal Reserve Chair.

When asked about the role he prefers, Bisent told the House Financial Services Committee that he holds one of the best positions in Washington, emphasizing that he is "happy to do what President (Donald) Trump wants me to do," and added: "I believe we are making great progress in the Treasury Department."

The cryptocurrency market is known for its high volatility, and one of the macro factors that has the greatest impact on it is the interest rate policy of the United States. Recent statements from Treasury Secretary Scott Bessent indicate the Trump administration's direction toward lowering interest rates, and this could have significant effects on Bitcoin and other digital assets.

Washington – Madrid: U.S. Democrats are urging Treasury Secretary Scott Bessent to take a hard line against China during trade talks in Spain. Lawmakers argue that Beijing is flooding global markets with excess steel and solar panel production and want any future deal to include binding limits on this output.

Democrats Call for Binding Commitments
Members of the House Select Committee on China sent a letter to Bessent and his negotiating team stressing that China’s “structural overproduction” is destroying American industry and jobs. They emphasized that cheap Chinese exports threaten not only the U.S. but also key allies like Japan and South Korea. As a result, they are calling for a coordinated global strategy.
“China’s historical reliance on overproduction to fuel growth has had a devastating impact on international markets and stability,” the letter said, according to Reuters. Lawmakers also criticized previous tariffs, which often hit U.S. allies harder than Beijing, and demanded a fairer approach.

TikTok, Tariffs, and Russian Oil in Focus
The Madrid meetings, running from September 14–17, cover a wide range of contentious topics:

🔹 TikTok – ByteDance faces a September 17 deadline to sell its U.S. operations or face a nationwide ban. Trump has already hinted he may extend the deadline once again.

🔹 Tariffs – Trump postponed the return of triple-digit tariffs for 90 days, with the pause expiring on November 10. Current tariffs stand at 30% on Chinese imports and 10% on U.S. goods, with some sectors facing even higher rates.

🔹 Russian Oil – Trump’s team is pressuring G7 nations to impose tariffs of up to 100% on China and India if they continue buying Russian oil. India has already been hit with a 25% tariff over the issue.

Trump and Xi: Another Showdown Looms
While the current talks are taking place at the ministerial and negotiator level, both sides are considering a direct meeting between Donald Trump and Chinese President Xi Jlnping. The most likely venue would be the APEC summit in South Korea at the end of October.
Until then, Bessent faces pressure not only from Chinese negotiators but also from Democrats at home, who are making their stance clear: “This time, China must be held accountable.”

#usa , #china , #ScottBessent , #Tariffs , #TRUMP

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,,The information and views presented in this article are intended solely for educational purposes and should not be taken as investment advice in any situation. The content of these pages should not be regarded as financial, investment, or any other form of advice. We caution that investing in cryptocurrencies can be risky and may lead to financial losses.“

US Treasury Secretary Scott Bessent stated on Wednesday that members of Congress should be completely banned from trading individual stocks. According to him, their investment returns are “staggering” and in many cases outperform most hedge funds.
Bessent openly named Nancy Pelosi and Ron Wyden, stressing the need to restore the credibility of both the House of Representatives and the Senate. “The American people deserve better than this,” he said, reinforcing ongoing legislative efforts in both chambers to ban stock trading by elected officials.

Political pressure builds
The debate over a ban is not new, but in recent months it has intensified significantly. Now that the Treasury Secretary has joined the discussion, it could tip the balance. While some lawmakers support the ban, others – even within the same party – strongly oppose it.
Republican House Speaker Mike Johnson is working to block the plan of Congresswoman Anna Paulina Luna, who intends to force a vote in September through a discharge petition. Behind the scenes, during the August recess, members from both parties have been pressing leadership to halt the growing momentum before Congress returns in the fall.
Pelosi’s spokesperson Ian Krager responded by saying that the former Speaker “owns no stocks and has no knowledge of any transactions.” Ron Wyden’s office declined to comment.

Controversy on both sides
Stock trading concerns are not limited to Democrats. In April, Marjorie Taylor Greene faced scrutiny after buying shares shortly before former President Donald Trump rolled back part of his tariff policy.

Senator Josh Hawley of Missouri later reintroduced a bill to ban stock trading by lawmakers and their spouses – this time naming it the PELOSI Act.
“People should not come to Washington to get rich. They should come to serve the American people,” Bessent emphasized. He added that if an ordinary citizen traded this way, the SEC would be knocking on their door. According to him, these practices directly fuel the public’s growing distrust of government.

Fed under fire – Bessent sides with Trump
During the interview, Bessent also addressed monetary policy. He said the Fed should cut interest rates by 50 basis points at its September meeting, and ultimately by a total of 150–175 points. He argued the central bank should have acted in June or July if it had responded in time to labor market signals.
A recent Labor Department report showed weaker-than-expected job figures, including significant downward revisions for the past two months. This marks the first time Bessent has so directly called for a major policy shift, aligning himself more closely with Donald Trump’s economic stance.
Trump has long pushed for rapid rate cuts and has sharply criticized Fed Chair Jerome Powell for delays. He recently even hinted at possible legal action against Powell over a Fed headquarters renovation project, although it’s unclear whether such a move would have legal grounds.
Bessent, meanwhile, has not hesitated to call the Fed an “irresponsible agency”, making it clear he believes the central bank is stalling and harming the economy.

#ScottBessent , #USCongress , #Fed , #TRUMP , #USPolitics

Stay one step ahead – follow our profile and stay informed about everything important in the world of cryptocurrencies!
Notice:
,,The information and views presented in this article are intended solely for educational purposes and should not be taken as investment advice in any situation. The content of these pages should not be regarded as financial, investment, or any other form of advice. We caution that investing in cryptocurrencies can be risky and may lead to financial losses.“