In a recent series of announcements, former President Donald Trump disclosed some key appointments for his new administration, including nominating Russel Vought to head the Office of Management and Budget, a role Vought previously held. Vought played a significant part in drafting “Project 2025”, a strategic conservative framework for a prospective Trump second term, although he distanced himself from it during campaigning.
These Friday evening announcements revealed how Trump is assembling the financial team for his administration. While Bessent may garner cross-party appeal due to his Wall Street connections, Vought is known for his staunch Republican views.
Trump expressed his vision with confidence, stating that Bessent would help in leading the United States into “a new Golden Age,” while Vought has the expertise to dismantle what he termed as “the Deep State” and curb “Weaponized Government.”
In another development, Trump announced his selection of Oregon Republican Rep. Lori Chavez-DeRemer as the labor secretary, emphasizing her role in creating significant opportunities for American workers.
Steven Bessent, aged 62, has quite the resume as the founder of Key Square Capital Management and a long-standing association with Soros Fund Management dating back to 1991. Should he receive Senate confirmation, Bessent would become the first openly gay treasury secretary. In an interview with Bloomberg, he revealed his intention to join Trump’s team partly to tackle the rising national debt, proposing to cut government spending programs.
Bessent emphasized that the 2024 election cycle is a critical moment for the U.S. to address its national debt without veering towards a socialist democracy like those in Europe. Currently, the national debt has reached $35.94 trillion, increasing under both the Trump and Biden administrations. Trump’s tenure saw an addition of $8.4 trillion to the debt, while Biden’s administration added $4.3 trillion, based on information from the Committee for a Responsible Federal Budget.
Despite advocating for reduced spending to manage the national debt, Bessent supports extending aspects of the Tax Cuts and Jobs Act of 2017. This law, introduced in Trump’s first year, has an estimated cost between $6 trillion to $10 trillion over a decade, with most provisions ending by 2025.
Before aligning with Trump, Bessent had a history of donating to Democratic causes, notably Al Gore’s presidential bid, and previously worked for George Soros, a prominent Democratic supporter. His involvement in Soros’ operations in London included significant contributions like the famed 1992 bet against the pound, making profits on “Black Wednesday.”
Bessent was not an unexpected choice for treasury secretary, as he was previously mentioned as a strong candidate. Trump himself highlighted Bessent’s capabilities, praising him as “one of the top analysts on Wall Street” at an event hosted by the Detroit Economic Club.
In his views on tariffs, Bessent has argued they represent a “one-time price adjustment” and aren’t necessarily inflationary. He has indicated that, if implemented during a second Trump administration, these tariffs would mostly target China. In a recent Fox News opinion piece, Bessent wrote that tariffs could be instrumental in achieving foreign policy objectives, such as encouraging allies to increase their defense spending or discouraging military aggression.
Addressing questions from Fox News, Bessent suggested “financial deportations” as a method to fund large-scale deportation operations, proposing restrictions on remittances to migrant countries of origin.
Moreover, Bessent has offered ideas on how the Trump administration could exert influence over Federal Reserve Chair Jerome Powell, whose term is up in May 2026. One proposal floated was prematurely appointing a new chair, who would function unofficially, thus reducing Powell’s influence. However, post-election, Bessent reportedly reconsidered this approach. Powell has stated he wouldn’t resign if Trump asked and emphasized the president doesn’t have the power to dismiss him.
Throughout Trump’s first term, he was frequently critical of Powell for rate hikes enacted by the Federal Reserve in 2017 and 2018. During his 2024 campaign, Trump asserted a president should have input on the Federal Reserve’s interest rate decisions, though traditionally, presidents refrain from commenting on Federal Reserve policies.
Bessent and his husband, John Freeman, a former New York City prosecutor, have been married since 2011 and are parents to two children.
As for Vought, aged 48, he directed the Office of Management and Budget from mid-2020 until the end of Trump’s first term in 2021, following roles as acting director and deputy director. An alum of Wheaton College and George Washington University Law School, Vought combines an intricate understanding of government finances with his Christian beliefs.
After leaving his prior role, Vought established the Center for Renewing America, a think tank aiming to promote America as a nation under God. The Center proposed a 2023 budget dubbed “A Commitment to End Work and Weaponized Government,” seeking to trim spending by $11.3 trillion over ten years, alongside $2 trillion in tax cuts to achieve a surplus by 2032.
According to Vought, the foremost threat facing the country is the government’s increasing tendency to act against its citizens, instead of serving them. Previously, Vought worked as the executive and budget director for the Republican Study Committee, a caucus of conservative House Republicans, and at Heritage Action, a political organization associated with The Heritage Foundation, a conservative think tank.
His budget proposal includes significant cuts to programs like food aid under the Agriculture Department and reductions in the Health and Human Services Department, particularly in Medicaid and Medicare funding distribution. Furthermore, it suggests $642 billion in cuts to the Affordable Care Act, as well as reduced budgets for the Housing and Urban Development and Education departments.
Though Vought’s budget plans are independently crafted from Trump’s agenda, Trump has yet to fully clarify his own economic strategies, apart from advocating for tax cuts and increased tariffs during his campaign.
This article includes contributions from Associated Press writer Josh Boak.
