Dallas, Texas – U.S. Treasury Secretary Scott Bessent delivered a robust defense of the Trump administration’s economic policies today, , at the Economic Club of Dallas. Addressing a gathering of business leaders, Bessent underscored a commitment to economic security rooted in domestic production and resilience, positioning Texas as a national model for achieving those goals.
Bessent’s remarks, delivered at an event hosted by Ray Washburne and Michael Levy, highlighted the state’s diversified economy – transitioning from a hydrocarbon base to a hub for Fortune 500 companies, advanced manufacturing, technology, and finance. He specifically referenced the growing financial sector in Dallas, dubbing it “Y’All Street,” as evidence of what he termed “Parallel Prosperity.”
“Texas reflects what a diversified economy looks like, with strength in sectors ranging from advanced manufacturing to technology to finance,” Bessent stated, according to a transcript released by the Treasury Department. “We need look no further than ‘Y’All Street’ to see that Parallel Prosperity is alive and well right here in Dallas, one of the fastest-growing financial hubs in the country.”
The core message of Bessent’s address centered on the need for economic security as a prerequisite for national well-being. He argued that a secure economy must possess the capacity to withstand external shocks, deter potential adversaries, and consistently improve the living standards of its citizens. He sharply criticized previous administrations for prioritizing “faux efficiency gains” and short-term profits over long-term economic resilience.
Bessent directly attributed the current administration’s focus on economic security to insights provided by President Trump, who he said “saw the points of failure decades ago.” He emphasized that the administration would not “compromise on economic sovereignty,” “accept structural vulnerabilities,” or allow strategic industries to decline due to outdated policies. This commitment, he explained, is now “the centerpiece of our economic policy.”
The Secretary’s speech comes amid ongoing debate over the administration’s trade policies and its approach to regulating emerging technologies. While Bessent did not detail specific policy changes during his Dallas appearance, his remarks signal a continued emphasis on protecting American industries and promoting domestic manufacturing. He alluded to the administration’s willingness to utilize alternative tariff authorities following a recent high court ruling, stating that President Trump will “continue to prioritize” safeguarding the U.S. Economy.
Beyond broad economic principles, Bessent also touched upon the volatile cryptocurrency market. He suggested that the passage of the proposed Crypto Clarity Act could help stabilize the sector by reducing regulatory uncertainty. Speaking to CNBC on , Bessent argued that the bill would provide “great comfort to the market” and urged lawmakers to expedite its passage this spring.
He attributed some of the recent downturn in Bitcoin’s value to resistance from within the cryptocurrency industry to increased regulation. “There is a group of crypto firms who have been blocking it… that doesn’t seem to have been good for the overall crypto community,” Bessent said, characterizing these firms as “recalcitrant actors” in previous interviews. He indicated that companies unwilling to operate within a regulatory framework may be forced to relocate, a prospect he framed as undesirable for the industry as a whole.
The proposed Clarity Act, a market structure bill aimed at defining oversight of digital assets, currently faces political hurdles despite a reported 62% chance of passage. Bessent’s comments suggest the administration believes the bill is crucial for fostering a stable and secure cryptocurrency market, and that its failure could further destabilize the sector.
Bessent’s appearance in Dallas underscores the administration’s strategy of highlighting economic success stories in states like Texas, which have embraced policies aligned with its broader economic agenda. By presenting Texas as a model for national economic security, the administration aims to bolster support for its policies and demonstrate their effectiveness in fostering sustainable growth and prosperity. The focus on production, resilience, and long-term growth signals a departure from previous administrations’ emphasis on globalization and free trade, reflecting a growing trend towards economic nationalism and protectionism.
The Treasury Secretary’s remarks are likely to be closely watched by investors, business leaders, and policymakers as they assess the administration’s economic priorities and potential policy shifts in the coming months. The emphasis on economic security and domestic production suggests a continued commitment to reshaping the U.S. Economy in a way that prioritizes national interests and reduces reliance on foreign supply chains.
