Secretary of the Treasury Scott Bessent delivered remarks at the Economic Club of Minnesota, focusing on economic policies under President Trump and their impact on Minnesota and the nation. He began by thanking Minneapolis Federal Reserve President Neel Kashkari and members of the Economic Club for hosting the event.
Bessent criticized recent state leadership in Minnesota, citing high corporate taxes and regulatory burdens as factors contributing to job losses and outbound migration. He stated, “Failed experiments with big government, overregulation, and the second-highest corporate tax rate in the country have hurt job creators like you, leading to net outbound migration. But it doesn’t have to be this way. President Trump’s hope, and ultimately his invitation, is that Minnesota becomes the North Star State again.”
He contrasted current economic conditions with those under the previous administration. According to Bessent, “The same challenges that have beleaguered you have beleaguered many of your fellow Americans. These challenges include a glaring absence of political leadership from the previous administration, the damaging impacts of illegal immigration, rampant fraud, and the unchecked growth of government power.” He credited President Trump with addressing these issues since taking office.
Bessent highlighted legislative efforts such as “the historic passage of the One Big Beautiful Bill,” officially known as the Working Families Tax Cut Act. He also pointed to new trade deals and deregulation measures aimed at empowering businesses.
Addressing past economic difficulties under President Biden’s administration, Bessent said Minnesotans faced higher living costs due to “immigration, interest rates, and inflation.” He noted improvements since 2025: “President Trump led a 12-month transformation of our economy, which delivered roughly 4% GDP growth in his first two full quarters in office and nearly 3% GDP growth in the fourth quarter.”
Looking forward, Bessent outlined three priorities for continued growth: investment, innovation, and income. On investment policy changes he said: “When President Trump took office last January, he promised to rebalance global trade to the benefit of American workers and companies… And he has delivered on that promise in every way.” He cited large investments by companies such as Amazon ($120 billion) along with Medtronic, 3M, General Mills (over $3.4 billion collectively), emphasizing their local impact.
Bessent discussed agricultural trade agreements benefiting Minnesota farmers: “Under this framework, China will purchase at least 25 million metric tons of soybeans annually from the United States for the next three years.” He added that weather patterns could further boost crop prices.
On tax policy changes intended to stimulate investment he explained: “By allowing full expensing for factories…the bill lowers the cost of capital…This has spurred a CapEx Comeback…with a 12% surge in business investment through the first three quarters of 2025—the largest non-pandemic increase in over a decade.”
A key feature highlighted was Trump Accounts—investment accounts for newborns seeded by Treasury contributions—which Bessent described as transformative: “Trump Accounts aim to achieve this by offering every newborn citizen a $1,000 Treasury contribution…A single $1,000 deposit into a Trump Account at birth should grow to at least half a million dollars by retirement.”
Regarding innovation policy shifts under President Trump compared with Biden-era regulations Bessent said: “On the tax front…the Working Families Tax Cut encourages heavy investments in innovation by restoring immediate expensing of R&D costs.” Deregulation was also cited as aiding small banks’ ability to lend.
On incomes Bessent asserted real wages had increased more than one percent since President Trump took office while criticizing wage stagnation during Biden’s presidency. Tax relief measures were emphasized: “The President’s bill prevented a $4.5 trillion tax hike…allowing…the average family…to keep up to $10,900 more in take-home pay.”
Bessent also addressed efforts against fraud affecting welfare programs in Minnesota stating: “I am here this week to signal US Treasury’s unwavering commitment to recovering stolen funds…preventing scandals like this from ever happening again…”
He concluded by encouraging states like Minnesota to follow federal policy examples for economic renewal: “President Trump has charted course for economic renewal; now it’s up to individual states…”
