Incoming Senate Republican leader John Thune met late Wednesday with Treasury secretary nominee Scott Bessent, emerging from the closed-door discussion saying the two men “covered a lot of ground.”
“We hit on pretty much all of the issues,” Thune told reporters, declining to get into details when asked whether he discussed the Federal Reserve and tariffs with President-elect Donald Trump’s pick to lead his economic agenda.
The veteran hedge fund manager hasn’t aroused public opposition from GOP senators even as some of Trump’s other choices have stirred controversy. Still, some of Bessent’s stances such as his proposal to have a shadow Federal Reserve chair and his embrace of the president-elect’s broad tariff plans have generated concern among some Senate Republicans.
“Great meeting with Senator Thune,” Bessent said, also declining to discuss details. “Looking forward to working with the leader-elect.”
Bessent made similar remarks following a meeting with Wyoming Republican John Barrasso, who will be the No. 2 Senate Republican when the chamber convenes in January.
“Scott Bessent and I had an excellent discussion today about reigniting America’s economy,” Barrasso said on the social media platform X. “He is focused on lowering prices, creating jobs, and stopping Democrat tax increases.”
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Bessent’s sprawling remit at Treasury would include overseeing public financing and the Internal Revenue Service. He’s also seen as someone who’ll have a hand in helping Trump choose a replacement for Fed Chair Jerome Powell when his term expires in May 2026.
During the campaign, Trump said that a president should have some say over interest rates and had flirted with the idea of firing Powell before. Bessent, who runs macro hedge fund Key Square Group LP, also criticized the Fed after its September jumbo rate cut.
Asked Wednesday about his relationship with Powell, Bessent didn’t answer and made his way to elevator.
