Trump nominates hedge fund manager Scott Bessent as US Treasury Secretary

Hedge fund manager Scott Bessent is set to become US Treasury Secretary. US President-elect Donald Trump nominated the investor for the post at the top of the Treasury Department on Friday. “Scott is widely respected as one of the world’s leading international investors and geopolitical and economic strategists,” the Republican said.

“He will help me usher in a new Golden Age for the United States and strengthen our position as a world-leading economy. Bessent will also help “revitalize the private sector and slow the unsustainable path of national debt.”

Bessent is the head of the Key Square Group and originally comes from the state of South Carolina, where he currently lives most of the time with his husband and their two children. He went to the elite Yale University and worked for the Soros Fund Management of the US billionaire George Soros.

The investor has advocated for tax reform and deregulation to promote growth. In an opinion piece for the Wall Street Journal, he explained that this was necessary to “restart America’s growth engine” and keep prices under control.

He wants to restore US energy dominance and tackle the budget deficit. The hedge fund manager has worked as an economic advisor for Trump in the past.

The U.S. Treasury Department oversees a wide range of areas, from federal finance to banking supervision. The department also includes monitoring US sanctions and advising the President on economic issues.

Banking Association President Rob Nichols said Bessent’s “years of hands-on experience in financial markets will serve him well in leading a ministry that is critical to the global economy and the country’s banks.”

In a radio interview with Trump ally Roger Stone, Bessent defended the Republican’s stance on trade: Trump wanted free trade, but “we haven’t had fair trade, we haven’t had reciprocal trade.”

Already in his first term in office, Trump used tariffs as a means of applying pressure against other countries. After he returns to the White House, he wants to increase taxes on imports again. In an opinion piece for US broadcaster Fox News, Bessent called tariffs “a negotiating tool with our trading partners” and added that they were “a means to finally stand up for the Americans.”

According to his interview with Stone, Bessent has known the Trump family for 30 years and was friends with Trump’s brother. He said he was one of the few “Wall Street people” who supported Trump. Holding a place in Trump’s Cabinet means “that you have to do what Donald Trump asks of you” and that you have to find an effective way to implement his policies, Bessent continued.

Two and a half weeks after the election, the US President-elect nominated his candidates for most ministerial posts. On Friday he announced a few more appointments: Russell Vought will become budget director in the White House, as he did in Trump’s first term (2017-2021). According to the Republican, Congresswoman Lori Chavez-DeRemer will be Secretary of Labor.

Janette Nesheiwat will become the top US doctor as the so-called Surgeon General. The doctor Dave Weldon will head the CDC health authority in the future, and Marty Makary will be head of the Food and Drug Administration (FDA), according to Trump. Former US football league NFL player Scott Turner is set to become Minister of Housing and Urban Development.

The filling of the positions must be confirmed by the Senate. A simple majority of the senators present at the vote is sufficient.