Secretary of the Treasury Scott Bessent addressed the Economic Club of Dallas, emphasizing the importance of economic security as a foundation for national prosperity and resilience. In his remarks, Bessent highlighted Texas as a model for a diversified and robust economy, noting its strengths in sectors such as manufacturing, technology, and finance.
Bessent outlined the Administration's strategy to prioritize economic security through three main pillars: industrial and technological dominance, investment in America, and preparedness. He argued that "economic security is the foundation that allows a country to fulfill its most basic obligation of safeguarding its people." He criticized previous administrations for prioritizing short-term profits over long-term security and praised President Trump’s focus on restoring economic sovereignty.
Discussing recent history, Bessent pointed to the loss of nearly six million manufacturing jobs between 1999 and 2011 due to offshoring and reliance on foreign supply chains. He said these vulnerabilities were exposed during the COVID-19 pandemic. The Administration is encouraging companies to diversify production locations and bring critical manufacturing back to the United States.
Bessent stressed the need for continued U.S. leadership in technology fields such as artificial intelligence (AI) and quantum computing. He stated, "The global economy is undergoing a period of rapid transformation with breakthrough advances in artificial intelligence, quantum computing, and advanced manufacturing." According to Bessent, maintaining technological dominance is essential both for economic growth and national security.
He also addressed financial innovation, particularly stablecoins. "A well-regulated, dollar-based stablecoin market can reinforce the global role of the U.S. dollar," he said. The GENIUS Act was cited as providing oversight tools for this sector.
On investment in America, Bessent highlighted the centrality of confidence in U.S. institutions and markets: "Preserving the strength, liquidity, and credibility of [the Treasury] market is central to economic security." Over the next six months, Treasury will consult with industry experts on how regulation can better direct capital toward strategic sectors like advanced manufacturing and semiconductors.
Bessent discussed efforts to broaden participation in wealth creation through initiatives like Trump Accounts. Under this plan every eligible American child receives a $1,000 seed investment at birth tied to long-term economic growth; additional contributions may come from families or philanthropists.
Texas’s leadership was noted: "Texas Senator Ted Cruz authored the precursor to the Trump Accounts provision...and Texas natives Michael and Susan Dell led...with their historic $6.25 billion donation." Bessent called on business leaders nationwide to support this initiative.
Preparedness formed his third pillar—referencing risks from cyber incidents or dependence on foreign chip production—and underlined that resilience must be built into both physical infrastructure and digital systems.
He stated that America’s alliances remain important: "America First does not mean America Alone." Cooperation with international partners would continue alongside efforts to strengthen domestic capacity.
Concluding his remarks just after a Supreme Court ruling related to tariffs under IEEPA authorities—which he clarified did not rule against President Trump's tariffs—Bessent explained that alternative legal authorities would be used going forward: "Treasury’s estimates show that...virtually unchanged tariff revenue [is expected] in 2026."
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