Scott Besant

US Treasury Secretary in the Trump administration

Claims

As speaker

Mentioned in

Key positions and views

Advocates for an 'America First' economic policy using tariffs to re-shore manufacturing and reorder global trade.

Believes significant federal cost-cutting is achievable through a business-led commission (DOGE) and by reforming flawed budgeting processes like CBO scoring.

Supports aggressive deregulation of the financial sector, particularly easing capital requirements for banks holding Treasury debt, to lower government borrowing costs.

Proposes creating a US sovereign wealth fund to manage national assets, viewing stakes in entities like Fannie Mae and Freddie Mac as potential seed capital.

Argues that a combination of tax cuts and deregulation is the primary driver needed to lift US GDP growth from its current trend of 1.8% to over 3%.

Podcast consensus on Besant

Points of consensus

▶Scott Besant, in his capacity as Treasury Secretary, consistently states the Trump administration will use tariffs to restructure international trade and encourage onshoring of jobs, with plans to reinstate them by July after Section 301 studies.Feb–Apr 2026

▶Multiple sources confirm Besant's announcement that the Senate confirmation hearing for Federal Reserve Chair nominee Kevin Warsh is scheduled to proceed on the 21st of the month.Apr 2026

▶Besant consistently outlines a strategy of aggressive financial deregulation, specifically mentioning the re-examination of all bank regulations and the potential removal of the supplementary leverage ratio (SLR) to lower government borrowing costs.

▶A recurring theme in Besant's discourse is the creation of a US sovereign wealth fund, a novel concept for managing national assets for the public's benefit.Feb 2026

Points of debate

▶A potential tension exists between the administration's goal of significant deficit reduction and its simultaneous plan to implement tax cuts, as the latter could reduce government revenue.Feb 2026

▶Besant's advocacy for tariffs to protect domestic industry could conflict with the administration's stated goal of reducing consumer costs via an 'affordability czar,' as tariffs often lead to higher prices for imported goods.Feb–Apr 2026

▶There is a contrast between Besant's sharp criticism of the Biden administration's 'excessive' stimulus spending and the Trump administration's own plans for a radical economic restructuring, which carries its own set of fiscal risks and potential for market disruption.Feb 2026

▶The feasibility of using government stakes in Fannie Mae and Freddie Mac to seed a sovereign wealth fund is presented as a plan, but hinges on their successful exit from conservatorship, which is a complex and uncertain process.Feb 2026

Key themes

▶Aggressive Fiscal and Economic RestructuringFeb 2026

Besant outlines a comprehensive plan to reshape the US economy through a combination of tax cuts, deregulation, and tariffs. The stated goals are to boost the US trend GDP growth rate from 1.8% to over 3% and encourage the onshoring of manufacturing jobs.

This signals a significant departure from recent economic orthodoxy, prioritizing national industrial policy and growth over global trade norms, which could create volatility for international markets and multinational corporations.

▶Fiscal Consolidation and Government EfficiencyFeb 2026

A core focus is on reducing the federal deficit to its historical average of 3-3.5% of GDP by tackling government spending, which Besant claims has risen to 25% of GDP. This involves initiatives like the Department of Government Efficiency (DOGE), led by business executives, to identify and eliminate wasteful spending.

Investors should monitor which federal sectors face potential budget cuts and which private sector leaders, such as Elon Musk and Howard Lutnik, may gain significant influence in shaping federal operations and procurement.

▶Financial Sector DeregulationFeb 2026

Besant advocates for a comprehensive re-examination of all bank regulations, with a specific focus on capital requirements like the supplementary leverage ratio (SLR). The explicit goal is to ease constraints on banks, particularly regarding their holdings of US Treasury bills, to lower the government's borrowing costs.

This policy shift could significantly benefit the banking sector by increasing profitability and lending capacity, but it may also reintroduce systemic risks that post-2008 regulations were designed to mitigate.

▶Creation of a US Sovereign Wealth FundFeb 2026

Besant proposes establishing a US sovereign wealth fund to hold and grow national assets for the American people. He identifies the US government's stakes in Fannie Mae and Freddie Mac as potential seed assets for this fund once they exit conservatorship.

This represents a novel approach to managing public assets in the US, potentially creating a new, major player in capital markets and fundamentally altering the future of government-sponsored enterprises.

Source episodes

Timeline

Immediate (First 10 Days)

Besant states the administration plans to appoint an 'affordability czar' to focus on supply chain fixes and reducing consumer costs.

Near-Term (By July)

As Treasury Secretary, Besant announces the administration will conduct Section 301 studies to enable the reinstatement of tariffs to their previous levels.

Near-Term (Next 9 Months)

Besant highlights the immense task of refinancing approximately $9 to $10 trillion of US Treasury debt, a key focus for his department.

Ongoing

Besant describes a broad economic agenda being implemented, including a re-examination of all bank regulations and the launch of the Department of Government Efficiency (DOGE).

Long-Term Goal (By 2028)

Besant articulates the administration's ultimate fiscal target: reducing the US federal deficit to its long-term average of 3% to 3.5% of GDP.

Suggested prompts

How does Scott Besant's plan to reduce the deficit to 3.5% of GDP by 2028 reconcile with his simultaneous advocacy for tax cuts? &nearr;What are the potential market impacts and systemic risks associated with removing the supplementary leverage ratio (SLR) for banks as proposed by Besant? &nearr;What are the legal and financial hurdles to establishing a US sovereign wealth fund using assets from Fannie Mae and Freddie Mac, as Besant suggests? &nearr;How might the tariffs and onshoring initiatives championed by Besant affect US inflation and relations with key trading partners? &nearr;

Key concepts

Federal Deficit & Spending 1 ep Tariffs & Trade Policy 2 ep Banking & Financial Regulation 1 ep US Sovereign Wealth Fund 1 ep Government Efficiency 1 ep US Treasury Debt 1 ep Federal Reserve Policy 2 ep Economic Growth Strategy 1 ep Inflation & Consumer Costs 1 ep

Notable quotes

“The administration's economic model projects that tax cuts and deregulation will raise the US trend GDP growth rate from 1.8% to 3% or higher.”

Scott Besant · The Shocking Truth About DC Spending & Corruption - Scott Bessent

“The Department of Government Efficiency (DOGE) is a commission led by business executives Howard Lutnik, Doug Burgum, and Elon Musk to identify federal cost-cutting opportunities.”

Scott Besant · The Shocking Truth About DC Spending & Corruption - Scott Bessent

“The US federal government's annual interest payments on its debt have reached $1.2 trillion.”

Scott Besant · The Shocking Truth About DC Spending & Corruption - Scott Bessent

“Removing the supplementary leverage ratio (SLR) for banks could lower US Treasury bill yields by 30 to 70 basis points.”

Scott Besant · The Shocking Truth About DC Spending & Corruption - Scott Bessent

Report last updated: Apr 21, 2026

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