Trump Nominates Scott Bessent to Lead US Treasury.
Donald Trump has named Scott Bessent as his nominee for the US Treasury Department, marking a key appointment in assembling his team for his second term. The Treasury role, one of the most influential in the administration, oversees tax policy, public debt, international finance, and sanctions.
Bessent, a seasoned Wall Street financier with a history of working for George Soros, was an early supporter of Trump’s 2024 campaign.
Known for his sharp economic insights, the 62-year-old brings a mix of conventional expertise and alignment with Trump’s “America First” policies.
Trump highlighted Bessent’s credentials, calling him “one of the world’s foremost international investors and geopolitical strategists,” while emphasizing his commitment to driving US competitiveness and addressing trade imbalances.
The nomination, announced on Friday, also signals the start of a flurry of cabinet appointments ahead of Trump’s return to the presidency in January.
Bessent’s nomination comes with promises to extend the tax cuts introduced during Trump’s first term, a move he has described as crucial to avoiding what could be the largest tax increase in US history. He has also defended the use of tariffs, framing them as a practical tool for negotiations rather than a strict economic stance.
During the campaign, Bessent spoke of ushering in a “new golden age” characterized by deregulation, low-cost energy, and reduced taxes. His confirmation would place him at the center of debates over Trump’s proposed sweeping import tariffs and efforts to tackle the federal debt.
Despite his alignment with Trump’s policies, Bessent represents a moderate approach compared to other potential nominees. His background in international finance and measured stance on tariffs signal a balanced perspective, particularly important as the Treasury serves as a bridge between Wall Street and the White House.
Hailing from South Carolina, Bessent gained prominence in the 1990s with successful currency bets against the British pound and Japanese yen while working for Soros, a major Democratic donor. In 2015, he launched Key Square Capital Management, focusing on investments driven by macroeconomic trends.
Bessent’s personal life reflects his modern outlook. Married since 2011 to a former New York City prosecutor, the couple has two children and is known for their philanthropic contributions in South Carolina, where his family has deep roots.
Trump rounded out the day with several other high-profile nominations. Republican Congresswoman Lori Chavez-DeRemer was named as the pick for Labor Secretary, with plans to focus on wage growth and improving working conditions.
Scott Turner, a former NFL player and Texas legislator, was selected to lead the Department of Housing and Urban Development.
Health sector appointments included Fox News contributor Dr. Janette Nesheiwat as Surgeon General and former Florida Congressman Dr. Dave Weldon as head of the CDC. Russell Vought, a key figure in Project 2025, was nominated to helm the Office of Management and Budget.
