Treasury nominee outlines pro-growth agenda, calls to make 2017 tax cuts permanent

The president's nominee for secretary of the treasury told the Senate Finance Committee that, if confirmed, he would prioritize securing supply chains, using sanctions as part of national security strategy, and ensuring "the US dollar remains the world's reserve currency." He said he would seek to make permanent the Tax Cuts and Jobs Act of 2017 and adopt "pro-growth" regulatory and tax policies to spur investment and job creation.

The nominee opened his remarks by thanking committee leaders and family members, saying "It's an honor and a privilege to be considered by this committee as the president's nominee for the secretary of the treasury." He described a private-sector finance career spanning "almost 60 countries over 40 years," and said his upbringing in the South Carolina Lowcountry and early work experience shaped his views on economic opportunity.

Why it matters: The nominee framed taxes, regulation and international trade as levers to restore what he called a broadly shared American economic opportunity. He repeatedly tied fiscal policy and federal spending to near-term economic risks, arguing that failure by Congress to act could result in substantial tax increases and calling for permanent extension of the 2017 tax law.

Key points from the nominee's statement:

- Economic priorities: He said the federal government must "get our fiscal house in order," prioritizing "productive investment that grows the economy" over what he labeled "wasteful spending" and called for adjustments to federal domestic discretionary spending, which he said had grown "by an astonishing 40% over the past 4 years." He said deficits had "averaged an historically high 7% of GDP during the past 4 years." (Statements attributed to the nominee.)

- Taxes and regulation: The nominee urged that Congress "make permanent the 2017 tax 2017 Tax Cuts and Jobs Act" and implement "new pro growth policies to reduce the tax burden on American manufacturers, service workers, and seniors." He warned that "if Congress fails to act, Americans will face the largest tax increase in history, a crushing 4,000,000,000,000 tax hike." (Quoted language from the nominee.)

- Trade, national security and the dollar: He said the administration must "secure supply chains that are vulnerable to strategic competitors," deploy sanctions "as part of a whole of government approach," and preserve the dollar's position internationally.

- Energy and competitiveness: The nominee endorsed "unleashing American energy production" and said predictable pro-growth tax policy and updated regulation would keep U.S. capital markets attractive for business formation and public offerings.

Background and personal remarks: The nominee spoke about personal history to underscore his emphasis on economic mobility: he said his father experienced "extreme financial difficulty" when he was young, that he took two summer jobs at age 9, and that he received a scholarship or placement that led him to Yale. He also acknowledged family members in the hearing room and those who could not attend, including a 98-year-old mother-in-law, and thanked President Donald Trump for the nomination.

What the statement did not include: The nominee did not provide specific legislative text, detailed budget plans, or a set timetable for implementing the priorities he listed. There were no formal votes or committee actions recorded in the provided transcript excerpt.

The nominee concluded by saying he would rely on counsel from committee members if confirmed and was "eager to take your questions."