The
Treasury
secretary
serves
as
the
president’s
fiscal
policy
adviser
and
manages
the
public
debt.
Bessent
is
expected
to
lead
the
push
to
extend
—
and
possibly
expand
—
the
2017
tax
cuts,

NPR
reported.

During
his
confirmation
hearing
earlier
this
month,
Bessent
contended
that
federal
budget
issues
are
tied
to
spending,
not
revenues.
Bessent
also
claimed
that

Trump’s
economic
plans
would
raise
wages
and
lower
consumer
costs.

Bessent
has
also
laid
out

an
economic
plan
known
as
“3-3-3,”
which
would
reduce
the
federal
budget
deficit
to
3%
of
gross
domestic
product
(GDP),
get
real
GDP
growth
to
3%
and
produce
an
additional
3
million
barrels
of
oil
per
day
by
2028.

Bessent
is
the
first
openly
gay
Treasury
secretary
and
the
first
LGBTQ
Senate-confirmed
cabinet
member
in
a
Republican
administration,

according
to
The
Associated
Press.

Bob
Broeksmit,
president
and
CEO
of
the

Mortgage
Bankers
Association
(MBA),
issued
a
statement
on
Bessent’s
confirmation.

“MBA
appreciates
the
swift
confirmation
process
and
bipartisan
support
that
Scott
Bessent
received
to
be
the
next
Treasury
Secretary,”
Broeksmit
said.
“We
congratulate
him
on
his
confirmation,
and
our
members
stand
ready
to
work
with
him
and
his
staff
on
commonsense
policies
that
grow
the
economy
and
strengthen
our
nation’s
single-family
and
commercial
and
multifamily
real
estate
markets.

“We
recognize
that
the
Treasury
has
several
key
issues
to
address
early
on,
including

the
tax
policy
and
reconciliation
debate.
MBA
will
work
with
Treasury
and

Congress
to
help
pass
legislation
that
extends
key,
expiring
provisions
of
the
Tax
Cuts
and
Jobs
Act,
particularly
those
that
impact
consumers
and
support
continued
investment
in
housing
and
communities.”

Broeksmit
also
mentioned
that
the
MBA
will
look
to
partner
with
Treasury
staff,
Congress
and
the

Federal
Housing
Finance
Agency
(FHFA)
in
developing
“a
thoughtful
plan
to

end
the
conservatorships
of

Fannie
Mae
and

Freddie
Mac.”
The
MBA
is
seeking
to
avoid
market
disruption
or
increased
costs
for
borrowers
and
has
emphasized
that
any
return
of
the
government-sponsored
enterprises
(GSEs)
to
the
private
sector
“must
include
an
explicit
federal
backstop
of
the
GSEs’
mortgage-backed
securities
to
protect
both
consumers
and
our
housing
finance
system.”