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Treasury Secretary Scott Bessent isn’t rushing to replace Federal Reserve Chair Jerome Powell despite President Trump’s public demands for Powell’s resignation. Trump blasted Powell for keeping interest rates “artificially high” compared to other countries and called for his immediate resignation. Bessent carefully dodged questions about whether he wants Powell’s job, calling his treasury role “the dream of a lifetime” while praising Trump’s leadership.
Bessent firmly supports President Trump’s tax overhaul, the “One, Big, Beautiful Bill,” which delivers permanent tax cuts for families and workers. He championed its provisions eliminating taxes on tips and overtime pay, calling it the biggest legislative win for American workers in history. The bill strengthens national security and cracks down on welfare fraud while locking in pro-growth policies.
Despite being floated as a top contender for Fed chair, Bessent insists he’s focused on his treasury duties and won’t reveal private conversations with the president. He acknowledges multiple “strong candidates” exist for the Fed role, including former Fed Governor Kevin Warsh and economic adviser Kevin Hassett. Bessent aims to serve throughout Trump’s full term as treasury secretary.
The treasury chief blasted the Federal Reserve’s “gigantic mistake” in 2022 that hurt American families, comparing the Fed to someone who keeps falling because they look at their feet. He dismissed concerns that Trump’s trade tariffs would cause inflation, stating “we have seen no inflation from tariffs.” Bessent promises the administration will reduce government debt levels.
Bessent credits the tax bill with unleashing America’s economic potential just in time for the nation’s 250th anniversary celebrations. He calls the legislation a “declaration of independence” from Washington’s failed policies, cementing the blue-collar boom Trump promised voters. The bill delivers the largest tax cut for workers while protecting seniors and critical programs.
The treasury secretary dismisses claims that the bill cuts Medicaid, calling such accusations false. He emphasizes how the tax cuts will let businesses hire more workers and raise wages, repeating the success of Trump’s 2017 tax reforms. Bessent predicts the legislation will stimulate the economy while saving taxpayer dollars by eliminating waste.
Under President Trump’s leadership, this historic tax victory proves Washington finally works for hardworking Americans instead of against them. The administration is focused on creating parallel prosperity where every worker shares in America’s economic revival. This bill keeps Trump’s promise to put forgotten Americans first by slashing their taxes.
The conservative economic revolution rolls forward as President Trump delivers real results that the establishment said were impossible. With bold tax cuts and America-first trade deals, this administration is building a golden age of prosperity for all citizens who believe in the American Dream.
