Nashville Standard

United States Senator Bill Hagerty recently appeared on Fox Business's "Making Money With Charles Payne" to discuss the economic agenda of the incoming Trump Administration. As a member of the Senate Appropriations and Banking Committees, Hagerty emphasized the need for cutting wasteful government spending through the proposed Department of Government Efficiency.

Hagerty stated, "They should look and see what happened back when the 2017 Tax Cuts and Jobs Act was put into place. What we’ve seen is federal revenues increase as a result of the capital expenditures that were made as a result of the incentives that were in that act." He further highlighted potential efforts by Elon Musk and Vivek Ramaswamy to overhaul what he described as a wasteful bureaucracy, noting opportunities to cut spending and incentivize capital investment.

Discussing global impacts, Hagerty commented on President Trump's return to office: "The Trump effect is real, Charles. It’s been taking place ever since he won the election." He pointed out changes such as European Union's reconsideration of energy sources and increased defense expenditures by allies like the UK.

Hagerty also addressed economic pressure on adversaries, critiquing current policies: "The economic pressure can, and will be, real. This current Administration uses a $60-a-barrel cap. I remind them that oil wasn’t at $60-a-barrel when President Trump was in office."

Lastly, Hagerty discussed oversight needs at the Federal Reserve: "It’s terribly powerful, as you say, Charles. And I think the oversight, particularly, should be focused on the areas where the Federal Reserve takes regulatory action."