Scott Bessent, U.S. President-elect Donald Trump's choice to head the Treasury Department, on Wednesday vowed to ensure that the dollar remains the world's reserve currency as he laid out a vision for a "new economic golden age".
Bessent, who faces questioning before the U.S. Senate Finance Committee on Thursday, said in prepared testimony that the new Trump administration must prioritize productive investment that grows the economy over "wasteful spending that drives inflation."
"We must secure supply chains that are vulnerable to strategic competitors, and we must carefully deploy sanctions as part of a whole-of-government approach to address our national security requirements," Bessent said in the remarks.
"And critically, we must ensure that the U.S. dollar remains the world's reserve currency."
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