scott bessent also outline how — inaudible. scott bessent also outline how the _ inaudible.lso outline how the trump - outline how the trump administration could use tariffs for several purposes. firstly to address unfair trade practices, second, as a tool to raise revenue for the federal budget, and that, as leverage in trade negotiations. as for the use of sanctions, he said he was 100% on board, increasing sanctions on russian oil makers. the edge fund me is seen by many as a safe pair of hands for one of the country's most important economicjobs, most important economic jobs, making most important economicjobs, making his confirmation process smoother than some of donald trump's more controversial pics. some think china could be heading for decades of economic stagnation, like japan suffered after its boom turned to bust in 1990. jinny yan is chief china economist at icbc standard bank. welcome to the programme. your thoughts on that figure that was released earlier — 5%? 5s was released earlier - 5%? 596 is a was released earlier - 596? 596 is a target _ was released ea

this is what got scott bessent the job.erson for trump's america first agenda on the economy and he was able during the transition and even before that to demonstrate to trump's diehard maga allies and to wall street that he is the best person for the job and he has donald trump seer and can get the president to may be move off course if needed. donald trump is someone who likes to stay his own course when he sees something he wants. that'll be a tricky task for him. we did see his predecessor steven mnuchin last four years by successfully navigating all of those pressures from outside the and ministration and within, especially from the boss. dani: another part of this job is engagement abroad. janet yellen frequently speaking to counterparts in china and elsewhere. how do we expect the questioning to evolve and answers we might get from scott bessent as we know trump has been very vocal about adversaries and allies as well. mike: we did get an early taste of how he views economic diplomacy. he talked in the prepared state

by the way, scott bessent use that had term on the economy.ically uncorroborated and anonymous sources and pete hegseth passed and i think to some extent that deflated what i saw as a coordinated democratic attempt to take his, chop his head off first and go down the line like dominoes and chop and failed on hegseth and too much good policy on new foreign policy on the recruitment on getting rid of woke defense department. then i think pam bondi basically finished off the democrats and she delivered the final punch and was kind of like a third round tko is the way i saw it. >> i love that . i love that color commentary and i totally agree and pete hegseth was absolutely phenomenal and i don't think i've ever seen frankly such a resounding victorious slate as we d. to your point, he was armed with facts and incredible communicative skills and he stuck to his point and his talking points and did not deviate so when you read those transcripts in black and white, there's no fluff, there's no rattling that went on between the two and that's why the

scott bessent was so good today, democratic members started filing out of the room way before the hearing of over, probably because they at any time have any dirt. they don't know anything about economics. but, bessent is an economic wiz, president trump called his appearance a masterful performance, it was. he is a free market supply cider, put together's storied performance as top flight investment manager for many years. he is an economy growth guy, i limited government guy and a king dollar guy. from his testimony today, i will quote, critically we must ensure that the u.s. dollar remains the world's reserve currency. scott read the riot act on tox cuts. >> -- tax cuts. >> if we do not renew a and extend then we will be facing an economic calamity and as always, with financial instability, that falls on the middle and working close people. we will see a. >huge middle class tax increase, we'll see child tax credit halved and see the deductions halved. so, it will be what we call in economics, it has a potential for a sudden stop. larry: have you there a sustain stop potential. scott be

great to see you, thank you for being here, what did you make of scott bessent hearing yesterday. >> calm and articulate but he was the adult in the room understanding we have a spending problem with the federal budget is not a revenue problem. you get a sense of all he's committed to the presidency on tariffs he committed to doing responsibly and thoughtfully as possible. i think one of the reasons futures are up, we had better data in china yields are little bit lower. but i think the market is comfortable in the treasury pick and i think they are right to be. >> it is amazing to me that there is no acknowledgment on the left of the $7 trillion in spending under the biden administration. hhe talked about government spending out of control. watch this. >> the federal government has a significant spending problem driving deficit that have averaged historically high 7% of gdp during the past four years, we must work to get our fiscal house in order and adjust federal domestic discretionary spending that has grown by an astonishing 40% over the past four years productive investment mac

he was voted through the 16—11 in favour have this position going forward —— scott bessent. objections to his appointment came from democratic senator raffaella warnock who said he was concerned about tax giveaways to billionaires and you will remember that there was that conversation last week during his confirmation hearing where scott bessent said tax cuts were the number one priority. did you talk to you, michelle, and you bring up the point of what the stock markets have made of all of this. they have been relatively muted today, as investors try to digest what us president donald trump will do on tariffs. shares in the us and europe opened slightly higher, while those in asia saw modest gains. the ftse100 closed up slightly by 30 points at 8,550. the dollar, which had fallen on monday after the inauguration, regained some ground against some other major currencies, including the pound and the euro. chris turner is global head of markets at ing in london. good to have you here. what have we seen today? as i have said, we are trying to work out a direction of travel abou

scott bessent has been defending the tariff issue. mexico and canada, 25% proposal is a hot button issue the right now. g goldman sachs said 20% chance that trump would put these tariffs on. now trump administration are saying they need to go into effect this saturday. tariffs first, negotiation second. many on wall street thought negotiation first and then tears, we'll see. w "wall street journal" said that one thing there is a problem with tariffs, it will hurt recovery relief and building for los angeles and north carolina where president trumps on friday. he promised to help rebuild faster by dropping threat to impose 25% tariff on mexico and canada that would make disaster recovery slower and more expensive. wood used mostly is from canada. there are environmental regulations on federal lands, you can't get timber from federal lands in northwest, that is under biden administration. maybe they account reverse that. it would be a price issue is what they are saying here for lumber. >> todd: everybody in the white house will be pret

in regards to scott bessent.f the most important things that i heard from him, he is really focused on preserving the dollar as a reserve currency of the world. i know it seems like far stretched that i never lose that title but ray galliano has done the studies and he studied thousands of years of empires they tend to last two to 50 years on average. then they battle high debt and high deficit, interest-rate start to go up on them there's a rising economic and military superpower that is an adversary and then they have currency status, everything is true about the united states right now except for the reserve currency that is typically the last thing so we have to preserve that. maria: nobody thought rome would fail one of the items in scott bessent's opening statement if congress fails to act americans will face the largest tax increase in history a crushing portraying invalid tax hike we must make the 2017 tax cut and jobs acting up amid new growth policies and extend those, your reaction. >> absolutely agree

a wind up on the trump election win and the fact that scott bessent is picked, and what he said so farey're doing, and we'll get to hear a little bit more about that. we know bessent's history, he's a hedge fund manager, worked for soros, and some of the big successful trades like ting the british pound, and had his own firm. >> and a lot of real estate buying and selling through the years. >> his own real estate? >> yeah, yeah. most recently, i think, another sale. as a lot of the members of the incoming cabinet, very wealthy man. >> i think as far as the market is concerned, you know, first of all, i'm just watching these bond yields. they have been moving around a lot. and, you know, deficit is a big question, especially as term premiums started to rise, we have been talking about that a little bit, that's basically the extra risk that investors demand from the government to take on the risk of holding long-term debt. it's where you get in concerns about fiscal. with that heightened focus and attention lately specifically on bonds, bigger move up in the long-term bonds, that's why t

we saw scott bessent talk about the security and supply chain. does that change your view of the reshoring and near shoring is and the companies in the etf? >> we will be listening with the companies in the u.s. and helping more strategic industries from the trump administration perspective. we don't do anything on the technology side. that's deliberate. there are enough ways to get that exposure. we think reshoring is benefitting big technology rather than middle america and manufacturing and industry. >> we will continue to watch this rsh etf. thank you very much. >> thank you for having me on the show. >>> still on deck on "worldwide exchange," the groups jumping intoheuaum t qnt computing frenzy. we will dig into it. stay with us. got eyelid itching, crusties and swelling that won't go away? it could be... demodex blepharitis! and we're demodex mites. we're very common and super irritating to your eyelids... but we love making ourselves comfortable here! oh, yeah...steam time! if demodex mites are partying it up on your eyelids... it's time t

how do you think scott bessent did?ear that scott bessent is a mind at work and markets should be heartened by that. all of us would like a steady hand in that role which is his experience in the oval office advising the president. let's not kid ourselves. we are still going to be living and dying day today by whatever donald trump is typing out on his phone's keypad. it is heartening and positive and scott bessent will be easily confirmed and he will be a stable voice in the treasury department and ultimately in the oval office advising the president. but the president himself is going to decide what tariffs are going to go into place and how those will be communicated to the market. annmarie: we are expecting some hundred executive orders from donald trump. what do they look like? isaac: i think it will be a busy day. there is an enormous amount of anticipation around what we will see on monday. i want our clients in general to be aware that just because it does not come out on monday does not mean it will not happen.

and so it remains to be seen, sort of in which order scott bessent will come in all of that. >> mark, what's your take? >> well, i think the reality is that scott benson is actually a reassuring pick for a lot of people, including a lot of democrats. >> he's he's really an establishment republican with an establishment sort of, you know, treasury, wall street background. what i what my take is, is to see him get wrapped around the axle whenever he talks about tariffs. i mean, you know, in his gut that this is not something that he wants to do, that he wants to embrace. and he's just, you know, he's going left and right in every way he can to appease the incoming president. but you know that in his gut, his instincts that that that's not a natural response for him to go to tariff. so which i think is reassuring. but ultimately he's going to do whatever trump wants him to do. but i do think he'll try and leaven it however he can through the treasury. >> that sort of exactly what i'm hung up, hung up on peter because everyone likes to say that donald trump has no guardrails. but the one

is scott bessent at the epicenter of this?to his confirmation hearing on thursday. those potential reasoning behind a gradual tariff approach could be twofold. to tamp down a concerns about any potential inflationary impacts and serve as a negotiating leverage. in washington, we have the canadian ambassador kirsten hellman on balance of power who said they are actively looking for ways to get to that negotiating table. that is nothing -- that nothing would be off the table except the acquisition of canada. on the second point about any potential inflationary impacts, i caught up with a republican strategist who told me this is going to be way more palatable for congressional republicans who will be questioning scott bessent later this week and have already expressed concerns about tariffs and about rhetoric about any spike in prices and with that could mean to republicans as they try to hold on to their slim majority in congress . in the midterms, they would like to see unified government for the total of four years under trum

. >>> president-elect donald trump's pick to oversee the economy, billionaire scott bessent, pressed by senators. what he says he's open to. and the list growing of tech billionaires and their prominent seats at the inaugust ration. >>> the car stolen. a 4-year-old girl in the back seat. the frantic search to find her. and there is late word coming in on this tonight. >>> this evening, rudy giuliani reaching a settlement, moments before he was supposed to testify. what he'll have to give those georgia elections workers now, and what he keeps. >>> those two spectacular launches today. spacex and blue origin. a short time ago, the tower catching the booster returning to earth, but have they lost the main rocket tonight? >>> the new report this evening on chancer in the u.s. what they're now seeing in women and young people. what you need to know. >>> tonight, we remember a famous filmm filmmaker. >>> and another loss tonight. the tributes to mr. baseball. >> just a bit outside. >> david: some of his funniest moments, including on johnny carson. >>> good ervening. we are following sever

scott? >> welcome, mr. bessent, welcome and thank you for your willingness to serve, a sacrifice to you and your family. i think it is an investment for the country , we need people willing to sacrifice on behalf of the greater cause and this is generations of americans you will likely never meet but will be better off because we do the right thing. one of the things i think about as the right thing, i know you grew up in a working class family and i grew up in a single-family household with poverty, having stability in our financial system where we need the greatest ability is for our banks silicon valley bank and other banks that failed. as chairman of the banking our banking system. vantage point, can you provide your assessment of the current safety and soundness of the u.s. banking system and what steps do you believe are necessary to ensure long-term stability? >> scott bessent testified in front of the senate , giving investors a first glimpse at his approach to everything from tariffs to the deficit i am ke

scott bessent improve the economy customer ed -- economy? ed, independent.aller: the first need for the economy is guaranteed jobs are everyone, starting with the people at the bottom of society. i don't have any confidence in either of these two parties to do that. there are at least 800 billion in the bank accounts, and millions in college endowments, the churches have billions of dollars and 17 billionaires similar to give away all the money to help the poor. host: so when you heard the outgoing president biden yesterday or earlier this week in his farewell address talk about an oligarchy taking shape in america, would you agree? caller: it has bn running the country for decades. but the key is a guaranteed job and a place to live for the poor. that is ke host: that is ed, new jersey, independent. let's back to the associated espoll on creating more jobs in 25. when they asked if they had confidence that the trump administration would create more in 2025, 54% said they are sightly or not at all confident. 27% said they are extremely very confident, so hig

dani: scott bessent has been confirmed as the next u.s.cretary, winning the senate vote. get included support from 15 democrats. policy objectives include 3% gdp growth and a 3 million barrel per day increase in u.s. oil production. benjamin netanyahu is planning to visit washington next week to meet with president trump. they say he will speak with trump about maintaining the cease-fire in gaza. israeli media is reporting trump's middle east envoy steven witkoff is expected to travel to israel this week to discuss longer-term solutions to regional conflicts. gm shares are rising, just about .7% in the premarket. the automaker reported better-than-expected for third earnings -- fourth-quarter earnings. the upbeat forecast does not account for potential tariffs on canada and mexico. the company insured investors it has a playbook for that scenario. that is your brief. jonathan: i would love to know with the playbook looks like. what is it if you come up with 25% tariffs on canada and mexico? lisa: run, hide, cry. jonathan: hopefully they re

this hour the senate is meauxing to confirm trump's treasury secretary pick scott bessent and bring you that vote when it happens. plus, this story. >> our job is lethality and military readiness. executed swiftly and without excuse. liz: that was pete hegseth hitting the ground running saying war fighters are ready to go and dropping dei throughout the military. more news coming in from the executive military and retired special forces vet going for them on the u.s. military and what it means for america. plus, this story. >> is that going to be a constant commitment from the u.s. military every single day to take de-portanova tees out? >> yes. >> is this what we'll see every single day? end ending with millions being deported and americans nationwide finally almost feel safe again. coming up. more action on this story. >> talking about bacon on the campaign trial trail. >> of course. >> those things, what do consumers touch and feel a difference in your lives? liz: media didn't care about biden's inflation and hot for four years and now demand trump fix it in four days? tomi lahren is

the clerk: department of the treasury, scott bessent of south carolina to be secretary. mr. thune: i ask unanimous consent that the senate resume legislative session and be in a period of morning business with senators permitted to speak therein for up to ten minutes each. the presiding officer: without objection. mr. thune: mr. president, i ask unanimous consent that when the senate completes its business today, it stand adjourned until 12:00 noon on monday, january 27, following the prayer and pledge, the journal of proceedings be approved to date, the morning hour be deemed expired, the time for the two leaders be reserved for their use later in the day, morning business be closed and the senate proceed to executive session and resume executive calendar number 5, scott bessent postcloture. if any nomination is confirmed during monday's session, the motions to reconsider be considered made and laid upon the table and the president be immediately notified of the senate's action. the presiding officer: without objection. mr. thune: mr. president, if there is no further busin

larry: by the way scott bessent argued for king dollar and the dollar must remain the world's reserverency, so good for our new treasury secretary. charles: so we're out of time, but i do have to, there's one question from the audience everyone is asking particularly as the promise of maybe cutting government. can it be done. we have george, right? >> yes. thank you for having us. quick question is how do you believe that doge will be impacting the government and the stock market? charles: let's keep it short. will doge work? is it possible? it's easy to identify the waste. can we cut it and get through the bureaucracy? can we get through the embedded interest? can the american people come first? can they succeed in this , steve? >> the answer is yes, and it's not just going to be on the budget side. the big thing is the administrative state. the permanent bureaucracy. that they can attack and that they will. year after year, and that'll be a huge reducing of the burden on the american people. larry: doge will undermine the permanent bureaucracy, the deep state. doge will stop what st

maria: they don't, just let me say two focuses we've got to get to this morning that is scott bessentill be confirmed, as treasury secretary, likely this morning, as president trump stops in las vegas over weekend proposing sending nearly 90,000 irs agents hired under joe biden to southern border the report found that more than 90% aggregation audits between 2019 and 2023 were on taxpayers making less than 400,000 dollars a year, president trump's treasury will take this up confirmed by senate likely today, i would expect questions about the crypto legislation how he sees digital assets how he sees, sanctions as well. cheryl: right case proposals about digital dollar thousand keep dollar globally strong continues always will be reserve currency but crypto markets, this idea that you bring in and make a bank of crypto assets bitcoin under purview government, remember during bessent nomination hearing confirmation hearings ditching president trump's stance on tariffs. this saturday, february 1 could i see tariffs lobbed on to mexico, canada, also want to pick up one thing brooke was col

scott bessent will be confirmed.omeone like howard lutnick and division and play, how will he enact his tariff policy? dani: certainly, and maybe february 1 looks like less of a realistic deadline here and maybe it is april 1, because he needs those people in place. in the confirmation hearings of people like howard lutnick will be interesting. the narrative has been the adulterer in the room. it is scott bessent that has the ear of -- the narrative has been the adults are in the room. it is scott bessent that has the ear of the president. do we hear from the team of rivals and maybe in some different color we could get from trump come next week or even closer to april 1 that, again, it is not just at the bark is worse than the bite, but actual some bite that he will have a new era once these people get confirmed. sarah: while they are waiting to get confirmed, they can certainly be talking. that is part of what is going on. yes, the official confirmations are going on and they cannot be talking and advising and doin

we turn attention over to washington and the confirmation hearing of scott bessent.ry secretary pick. hit on a number of hot button issues with tariffs and the outlook for wall street and main street and the d.c. spending habits. >> and to be clear, this is one of the things that got me out from behind my desk and quiet life and this campaign was the thought that this spending is out of control. >> he believes we probably gotten over it on sanctions and sanctions may be driving countries out of the use of the u.s. dollar. so the tariffs can be used for negotiations. >> i believe wall street has done great the past few years and that main street has suffered. i think it's main street's time. wall street can continue to do well, maybe not as well. >> as you just heard moments ago, bessent sparring with senator bernie sanders whether an oligarchy is taking shape in the u.s. this is after the warning president biden in his farewell speech on wednesday. for more, let's bring in eamon javers. eamon, good morning. >> reporter: good morning, frank. the ceos of the technology

president, later today we will hold a vote on the nomination of scott bessent to be treasury secretaryan example of the american dream in action, mr. bessent rose from challenging economic circumstances to a career in the world of finance. and he brings a wealth of private-sector experience in the economy and markets to his new role as well as a concern for the needs of working americans. during president trump's first administration, we passed major tax relief legislation. the tax cuts and jobs ab reformed our nation's tax code, nearly doubled the standard deduction, doubled the child tax credit, and enacted pro-growth policies for american businesses of all sizes. as a result, the economy took off and our nation became more competitive. household incomes increased and the employment rate hit its lowest level in 50 years. now, however, a lot of that tax relief is close to expiring. without action, american families and businesses will face a staggering $4 trillion tax hike next year, and at the top of the republican indies is extending that -- agenda is extending that tax relief. i de

small moves in the market with treasury secretary scott bessent appearing before the senate. let's go to capitol hill and listen in to this confirmation hearing. here is mr. bessent. >> wealth and prosperity for all americans. my life's work in the private sector has given me a deep understanding of the economy and markets and while in experience will be invaluable in crafting economic policy, i have long adhered to the principle that you should know what you don't know and lean on those who do. having never served in government, i intend, if confirmed, to be in close contact with each of you and your offices and seek your counsel. the treasury department plays a critical role in protecting american national security. we must secure supply chains vulnerable to strategic competitors and carefulfully deploy sanctions as part of a whole of government approach to address our national security requirements and chrisically, critically, we must ensure that the u.s. dollar remains the world's reserving currency. today we face significant challenges in an economy that has not created e

that is right four cabinet nominees pare for hearings today trump's pick for treasury secretary scott bessent 10:30 interior secretary doug burgum nominee for epa, lee zeldin, and urban and housing turner at 10:00 a.m. eastern time, yesterday pam bondi, for attorney general faced combative a democrats. >> are you away of any factual basis to investigate this "yes" or "no". >> senator that is a hypothetical i am not going to -- >> no, no, i sometime have. >> a so worried about liz cheney you are robberies up 87% higher than national average. >> is your job will be i am speaking your job will be protect voters i hope you can answer that. >> the appreciative one senator. >> you pointed your finger at me said -- >> let me, let me answer my question, i am not going to be bullied by if president trump suggests hints that you as attorney general should investigate, one of his -- perceived political enemies would you do so? >> so a senator herino i wish had met with me had you met with me we goff discussed many things. >> i am listening now could you respond to the question. >> you were the only one

vote on scott bessent for thresh tree secretary is teed up for tonight. road could get rockier as the week goes on. chad pergram has the latest live from capitol hill. what's the update, chad? >> good morning. senate pushed through two of president trump's nominees over the weekend, another likely scores confirmation tonight. that's treasury secretary nominee scott bessent and perhaps tomorrow transportation secretary pick sean duffy. >> actually we're ahead of schedule. we're going back to what is the obama standard. obama got 12 cabinet nominees through in 15 days. it took trump 43 days to get his first 12 through back in 2017. so we're pushing hard. >> bessent should receive bipartisan support every nominee except defense secretary pete hegseth got votes from democrats. don't expect democrats to support the nomination of tulsi gabbard for director of national intelligence. her hearing is before the intelligence committee later this week. slotkin of michigan is a former c.i.a. officer. >> she doesn't show the competence, the understanding, the depth. sh

charles: today scott bessent talked about this., ceg sparked all these names sparked. for a lot of folks they feel like because sometimes the hype comes before reality. should be they invested in some utility names, nuclear names right now, because we know they need the power, it's just a matter of timing. >> some of these are very attractive on a valuation basis so ceg, the constellation energy is one of those where they operate the largest nuclear fleet in the united states and now, with the acquisition they are adding gas power to it as well, so they really aren't expensive where the stock is trading today and they really are coming of a 20-year downcycle we've had for energy in the u.s. so i'm pretty optimistic on that sector. charles: one thing you said a long time ago, why is wall street so missed the boat. you said they think in quarters where you think a lot longer. thank you so much. got to give her a hand. >> [applause] charles: she's absolutely amazing. folks, also, i've got to say, thank you very much. i love doing thes

if confirmed, scott bessent, donald trump's nominee for treasury secretary, would play a key role in e a tough economic stance on china. now, in his testimony, bessent said free trade must be balanced with fair trade and argued that china should not be allowed to flood us and global markets with its products. during questioning by republican senator roger marshall, bessent also emphasised his commitment to enforcing the 2020 trade agreement, which saw china pledge to increase purchases of us goods, including a promise to buy at least $200 billion worth of american manufacturing over the next two years. china has not made good on their purchases for four years, and if confirmed next week, i would start pushing for them to resume the purchases. and then i would conference with president trump on whether he believes that there should be a make—up provision. scott bessent also outlined how the trump administration could use tariffs for several purposes. firstly, to address unfair trade practices. second, as a tool to raise revenue for the federal budget. and third, as leverage in trade ne

that's where i think scott bessent privately may be issuing some mornings that you can't go as tough as previously stated. tom: kriti gupta will be along with the team monitoring those european stocks in terms of the pharma space and autos on the back of this news. it was a bruising session on wall street, as fears around china's ai progress spark that tech selloff paid nvidia bruising close to $600 billion in market share. the biggest one-day drop in history. let's bring in mliv strategist mark cranfield for more analysis on this. the dollar stronger in asia today. is that a tariff story or an ai story? >> a little bit of both but probably slightly more to do with the tariff front. in fact it was a story that developed yesterday, as credit was saying earlier with the colombia situation in response to tariffs, and foreign-exchange traders had an easy week last week. donald trump's first week in presidency did not have much to do on the tariff front, dollar was weaker. maybe people came into this week complacent and bank everything changed. not only did we get the first salvos yesterd

scott bessent will begin at 10:30. pam bondi is not out of the woods yet, we will hear from witnesses for and against her nomination as attorney general. >> are you aware of factual basis to investigate liz cheney, yes or no? >> senator, that is hypothetical, i will not answer that. you are worried about liz cheney, we should be worry body crime rate in california, it is through the roof. your robberies are 87% higher than the national average. your job will be, i'm speaking, to protect voters. i hope you answer mrs. bondi. >> the previous one, you pointed at me and said you were speaking, let me answer my question. i will not be bullied by you. >> if president trump asks or hints that you should investigate one of his perceived political enemies, would you do so? >> i wish you had met with me, had you met with me we could have discussed many things and you could have gotten to know me. >> could you respond to the question. >> you were only one who refused to meet with me senator. >> the senate will confirm a fuf of tr

doug burgum and scott bessent appeared before their rippive committees on thursday. >> president trump energy dominant can be america's big stick. leverage for prosperity and world peace. >> i believe wall street has done great past few years and main street has suffered. it is main street's time. wall street can continue to do well, maybe not as well. it is time to have a main straight small business led recovery led by small banks, regional banks. >> madeleine: this morning homeland security nominee kristi noem head to capitol hill. plans are liking to take center stage. kristi noem will say securing h homeland is a trust that must be pursue the and never taken for granted. being safe is an american right yet americans feel less safe than they have in decades, president trump will change that. she will appear before the committee 9:00 a.m. eastern time. >> todd: we can expect that to be one of the most fiery this week. we will see. >> carley: starting fiery and ending fiery. >> todd: joe biden giving final interview as president repeating warning for the future of democracy. >> what

scott bessent got 68 votes.ean duffy for transportation is expected to get bipartisan support as well. later on today. nothing public on president trump's schedule that we have seen. he is planning to send his press secretary karoline leavitt out to the briefing for her first appearance there. back to you. >> steve: it will be historic. hey, peter, going back to when you were talking about how donald trump revoked the policy allowing trans people to serve in the armed forces. the number of trans people in the armed services right now, i know there was an nih study or estimate done like five years ago at 8,000, who knows how many there are today, what is going to happen to those people? >> peter: sounds like once pete hegseth comes up with the new policy going to be charged. essentially what the argument is and the fact sheet that we were given about that executive order. president trump does not think that transgender people are physically or mentally stable enough to serve in the armed forces. they specifically

concentrations of power seriously. >> all right, justin, new topic treasury secretary nominee scott bessentrump agenda at his confirmation hearing. i know certainly some democrats were furious. bernie sanders was not happy when bessent clearly did not support raising the federal minimum wage. he said no, this should be a regional or state decision. but shouldn't we expect this? like, shouldn't we expect? these are scott views. he's a republican. donald trump won. >> some of this is totally legitimate. >> you're absolutely right. >> if you elect a right wing republican government, don't expect them to do a lot for the poor. >> so if bessent says that we want to not raise minimum wage because we think $7.25 is at least as much as anyone is worth, that's what you get when you elect a republican. what i find objectionable is, frankly, the lying, the this, the spinning of stories, of fairy tales, the so-called 333 claim, which says that we'll get 3% economic growth even as we deport huge chunks of the american population. it's fanciful. it's not going to happen. i'm willing to offer right now. i

valerie tytel, thank you very much indeed, breaking down what will be heard from scott bessent.all street's six largest banks returned $100 billion to investors last year, the most since 2021. the blockbuster earnings next. this is bloomberg. ♪ >> bank of america's fourth-quarter profit has exceeded estimates boosted by high fees and strong net interest income and morgan stanley also seeing fourth-quarter profit more than doubling. what stood out to you, charlie, from these numbers? >> superlatives for wall street's biggest banks. jp morgan was the first bank in u.s. history to clock $50 billion in annual profits and goldman sachs equities trading desk at their best quarter on record and we heard citigroup will be buying back $20 billion in shares and that's an interesting trend we have been reporting on, which is that last year those large banks return $100 billion in buybacks and dividends and that speaks to something interesting we have seen in the banking sector throughout earnings season, which is this idea of confidence so in order to buy back shares and return dividends,

scott bessent, a hedge fund leader, will be treasury secretary.ration, will lead the national economic council. and well—known wall street figure howard lutnick will be commerce secretary. these men are familiar to the market and share high finance�*s love of free trade and deregulation. but they may bump into this next bunch — the subversive outsiders, the america first crowd. trump's once—jailed former aide peter navarro is a trade adviser. jamieson greer is due to be us trade rep. he played a key role in imposing tariffs on china during trump's first term. like their boss, these guys love tariffs and protecting us industry — not always to everyone�*s tastes. and then there are the newest faces in trump world. the cool kids — or are they the geeks? — the tech bros. elon musk and vivek ramaswamy aren'tjust running the so—called department of government efficiency. they're also from the heart of silicon valley and reflect donald trump's fresh enthusiasm for the tech sector and crypto. so how will these very different agendas be made into one? it's

scott bessent a billionaire hedge fund manager warned if congress does not extend the tax cuts, the middle class would see a major tax increase. the distribution it was deeply, deeply, deeply unfair. but democrats like colorado senator michael bennett argued everyday americans never felt the benefits of the cuts anyway. well, the benefit would to the richest people in america. >> the cost is being borne by the children of working people. democrats on the senate finance committee also grilled bessent on trump's tariff threats against canada, mexico, china and europe. that clobbers people of modest means oregon senator ron wyden said workers and small businesses would have to pay more taxes all through the campaign. we heard they were at the foreign countries were going to pay it. i think baloney. but bessent disagreed saying foreign countries will continue cutting prices to maintain market share. democrats also accused bessent of avoiding paying roughly 1 million dollars in taxes related to his hedge fund. >> besson told the committee it's a lower number and the matter is currently in litig

reihan: everyone, please join me in thanking scott bessent. [applause] >> american history tv saturdays on c-span2, exploring the people and events that tell the american story. a 7:00 a.m. eastern in the lead up to inauguration day, american history tv looks back at famous inaugural speeches. speeches by jimmy carter in 1977, ronald reagan in 1981, george h w 89. on lectures in history, hillsdale college professor on civic fate and how american nationalism incorporated religious elements and symbolism during the cold war. at 9:00 p.m. eastern on the presidency, the book "the mysteriousness is next in -- mysterious mrs. nixon." exploring the american story, watch american history tv saturdays on c-span2 and find a full schedule in your program guide or watch online anytime at c-span.org/history. >> sharon mcmahon, host of here is where it gets interesting podcast and author of the small and the mighty is our guest sunday night on c-span's q and a profiling lesser-known americans who changed the course of american history. including retail pion

is relative to china and president trump needs his team on the ground, the senate confirming scott bessents treasury secretary 68 - 29 now trump has five cabinet members all ready to go, more confirmation hearings are set for this week tomorrow includes rfk junior for hhs secretary howard lot next for commerce, kelly loeffler for the small business administration thursdays hearings cash mattel, tulsi gabbard for director of national intelligence, my question i thought the republicans were in charge them the majority here and it feels like the democrats are running the table on who gets confirmed and when. >> it feels like connecticut senator chris murphy is pulling the strings in the minority in the senate even though point that should be the case in the whole government approach that will be needed to combat china during enemy not an ally. in utica need everything what of individuals in some capacity doing their part with the department to combat china it's not just pete hegseth and is not to scott bessent you need everything one including somebody like cash mattel the fbi, tulsi gabbard

he can call them an oligarch if you want, but this going to scott bessent's point, nobody had an issuey people in the democratic party so long as those wealthy people were kissing the democratic ring. it's only when they decide or dare to support republicans do they suddenly get slapped with pre-jordytives like oligarchy. stuart: these billionaires close to trump have created america's crown jewels of business. they've created american supremacy in technology and almost all of its forms. bernie is just steamed that they've got a lot of money. i mean, this is typical socialist i guess; right, kim? >> well, that's the other thing too, stu. as an oligarchy too, i mean, one way we think about it is often it was applied to russia and formally state owned property sold off to the private sector so ca called and certain peopleo were insiders benefited from that and that's not how any individuals made their money in the amazing, beautiful, capitalist system in america. bernie sanders knows this and wealth disparity and always has been and people with wealth have influence and always has been.

i think the secretary that was proposed today, scott bessent, has a good chance of doing that.at you all said. >> just this month, bank of america said there wouldn't be more fed rate cuts this year. we've seen treasuries push up higher. the yield pushed up quite a bit higher. some people say it is because of the debt and deficit picture we're facing. others think it is really sticky inflation. why do you think we've seen treasury rates push higher? >> i think it's a combination of the yield curve sort of normalizing the shape, given the fact that we're going to have a little higher inflation. it'll take a while to wring that out. we always said, savita and her colleagues said this would take two, three years to get it out of the system. they have going down to '25 into '26. look at the math and you can see it working its way down, but it is going to -- they have to have a real interest rate. a restrictive right now still, but the question is how restrictive with this inflation rate? the end of the day, the rate curve we've all witnessed since 2008 or whatever it was, is the un

. >> there was a moment this week during the confirmation hearing for scott bessent, which i think was the sleepiest of all the conversations that we've seen where bernie sanders, who's now a member of that committee, asked about income inequality and scott benson couldn't really respond to it. >> and i think it highlights this issue, that they don't have a good response to criticisms of how wide this income gap is. >> and so there's this gauze that they layer over these billionaires, they're immigrants, they're self-made. >> that's going to only resonate for so long. and scott bessent was really caught trying to defend the fact that there is this wide gap. >> and i think it indicates it's going to become more problematic as time goes on. >> but scott bessent actually just failed on that answer because bernie sanders asked him over and over, you know, minimum wage in this country is $7.25. is that enough? blah, blah, blah, blah. >> and he doesn't want a federal. >> he doesn't want any changes to the federal minimum wage. >> but scott bessent could have simply said what most republicans

scott bessent, president trump's nominee for the secretary of the treasury, as well as his family. congratulations, mr. bessent, on your well-deserved nomination and thank you for w your willingness to serve and for your extensive cooperation with this committee. it is only been a great pleasure to work with you if you been transparent, candid, and insightful with me and my colleagues., you spent countless hours come meaningfully answer our questions and according yourself with great courtesy, dignity and professionalism. throughout the committee's rigorous vetting process, , ando think our finance committee has the most rigorous process of any committee in the congress, you have worked tirelessly to meet our long-standing diligent standard. it is clear you followed applicable law and provided thousands of pages of documentation that substantiate your positions, positions supported by major law and accounting firms. accounting fir. thank you for your transparency and responsiveness throughout the finance committee's exacting process. i look forward to continuing to work together wit

general she begins her second avenue confirmation hearing before the senate judiciary committee and scott bessent the nominee for treasury secretary test before the finance committee on friday at south dakota governor kristi noem cap to lead the department of homeland security prison for the senate homeland security watch live on the sea spent network. she spent now are free mobile video app or online at

scott bessent is absolutely right.at is a de facto tax increase and the consequences of that are a slowing economy. a possible recession. more deficits and bigger debt. is he trying to avoid that. that's why it's his number one priority. >> but, you know, the tax cuts don't help just rich people. >> certainly not. no. the tax cuts stimulate growth. that's what bess sent is going for. grow the economy. more jobs. better wages. that helps everybody. middle class people. low income people. everybody wins. >> so i think the two top priorities for and things on his radar the tax cuts, obviously, but also tariffs we have heard a million times tariffs are tax on peel, too. you tax 20% china. >> that depend on who swallows the 10% tariff is it passed along to consumers? no, not always it. can be swallowed by chinese manufacturers, swallowed by the importers. it doesn't mean -- tariffs do not mean higher prices for consumers, necessarily. what they do mean is that trump has negotiating ability with china and with other countrie

scott bessent faced tough questions yesterday on capitol hill during the senate confirmation hearing,ere's what he thinks about a digital currency central bank. watch. >> would you end the biden administration project to create a u.s. based cbdc? >> i see no reason for the u.s. to have a central bank digital currency. in my mind, a central bank digital currency is for countries who have no other investment alternatives. if you own that currency, you have to have something to invest in. there's very little to invest in if you want to hold the currency. you could hold chinese government bonds. if you hold u.s. dollars you could hold a variety of very secure u.s. -- >> yeah. maria: matthew, give us your reaction there. you like crypto. >> i love crypto here. i mean, i love what bessent said. central bank digital currency is like potential to be 1984 type of stuff so it's great they're not pursuing that. you've got a president and administration that's rabidly pro crypto, s.e.c. that's pro crypto. you've got companies that are trying to emulate micro strategy's strategy. we're big fans of

general she begins her second avenue confirmation hearing before the senate judiciary committee and scott bessent the nominee for treasury secretary test before the finance committee on friday at south dakota governor kristi noem cap to lead the department of homeland security prison for the senate homeland security watch live on the sea spent network. she spent now are free mobile video app or online at c-span.org. ♪ democracy, it is not just an idea. it is a process. oppressive treatment leaders elected as the highest office and entrusted to a select a few regarding its basic principle. it's where debates on both decisions are made the nation course is charted. democracy in real-time. real time. this is your government at work. this is c-span giving you your democracy unfiltered. house lawmakers discuss california wildfires loss of life material personal damage, family displacement and relief effort this is just over 10 minutes. >> this week i returned from my district in southern california which has been completely devastated and altadena fire took our neighbors lives destroyed the structures