Trump nominates hedge fund manager Scott Bessent as Treasury chief
3 Min Read
The Treasury Department oversees a range of areas, including federal finances, bank supervision, and US sanctions.
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Investor Scott Bessent speaks on the economy in Asheville, N.C., on August 14, 2024. (AP)
US President-elect Donald Trump named Friday billionaire Scott Bessent as his Treasury secretary, choosing the hedge fund manager to help execute an agenda promising tax cuts and tariffs.
Bessent, CEO of Key Square Group, has advocated for extending the tax cuts from Trump’s first term, emphasized the need to reassert American energy dominance, and stressed the importance of addressing the budget deficit.
In a statement, Trump said, "Scott is widely respected as one of the world's foremost international investors and geopolitical and economic strategists."
He said, "He will help me usher in a new Golden Age for the United States, as we fortify our position as the world's leading economy," adding that Bessent would also help "reinvigorate the private sector, and help curb the unsustainable path of federal debt."
The nomination of Bessent, who recently advised Trump, would place him at the forefront of implementing the president-elect's economic plan, overseeing tax cuts in Congress, and managing relations with countries like China.
The Treasury Department oversees a range of areas, including federal finances, bank supervision, and US sanctions. Recently, Bessent has advocated for tax reform and deregulation to stimulate economic growth.
In a Wall Street Journal opinion piece, he said this would be key to "restarting the American growth engine" and helping keep prices in check.
In a statement, American Bankers Association president Rob Nichols said that Bessent's "years of real-world experience in financial markets will serve him well in leading a department critical to the global economy and the nation's banks."
His finance career
Bessent, 62, hailing from South Carolina, has had a distinguished career in finance, working alongside macro investor George Soros, and prominent short-seller Jim Chanos, and running his own hedge fund.
He notably placed a large bet on Trump’s victory after recognizing an imbalance in market sentiment, believing that analysts had underestimated the potential economic impact of a Trump win.
Bessent argued that the post-election market rally indicated investor optimism for “higher growth, reduced volatility, inflation, and a strengthened economy benefiting all Americans.”
On Friday, Trump made several key announcements regarding his administration's nominations. He picked Russell Vought to lead the Office of Management and Budget, reinstating him in the role he held during the previous Republican administration and nominated Oregon Congresswoman Lori Chavez-DeRemer as his new secretary of labor.
Trump also nominated Janette Nesheiwat as surgeon general, former congressman and doctor Dave Weldon to lead the Centers for Disease Control and Prevention, and Marty Makary to head the Food and Drug Administration. Former NFL player Scott Turner was nominated secretary of housing and urban development. It is noteworthy that Senate confirmation is required for these positions.
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