ChainCatcher news, according to The Wall Street Journal, Scott Bessenet stated in his first interview after being nominated by President-elect Trump as the U.S. Secretary of the Treasury that his policy focus will be on fulfilling Trump's various tax cut promises. These measures include making the tax cuts from his first term permanent and eliminating taxes on tips, Social Security benefits, and overtime pay. Bessenet stated that imposing tariffs and cutting spending, as well as "maintaining the dollar's status as the world's reserve currency," will be key priorities.The report noted that Bessenet is one of Trump's closest advisors, adding depth to Trump's economic proposals and defending his more aggressive trade policy plans. He believes that President-elect Trump's plans to extend tax cuts and relax regulations in certain areas of the U.S. economy will create an "economic bonanza."