Austin News

During a Senate Finance Committee hearing, U.S. Senator John Cornyn (R-TX) expressed his support for Scott Bessent's nomination as U.S. Secretary of the Treasury under the incoming Trump administration. Cornyn highlighted the economic success of Texas, attributing it to low taxes and modest regulation, and endorsed Bessent for his alignment with these principles.

Cornyn also addressed concerns about outbound investments, particularly in China. He stated, "You appropriately mentioned China as one of our biggest challenges," and noted that U.S. investments have contributed to China's economic growth. Cornyn has introduced legislation requiring transparency from American companies investing in China and sought Bessent's views on such measures.

Bessent acknowledged the importance of this issue, describing China's economy as "the most imbalanced, unbalanced economy in the history of the world." He emphasized the need for rigorous screening processes to protect U.S. leadership in areas like AI and quantum computing.