US President-elect Donald Trump has appointed hedge fund manager Scott Bessent to the position of Secretary of the Treasury, in one of a number of rapid announcements that have been made since his attorney general nominee pulled out. Bessent, the founder of Key Square Capital Management, is expected to lead an economic plan centered around cutting taxes and imposing tariffs.
Trump, in a statement late Friday, praised Bessent: “Scott is widely respected as one of the world’s foremost international investors and geopolitical and economic strategists.” Trump said that he had every confidence Bessent would help bring a new era of American prosperity, underscoring the need to reinforce the United States as the leading global economy. He also noted that Bessent’s role would involve revitalizing the private sector and addressing the rising federal debt.
The appointment of the Secretary of the Treasury, one of the most senior roles overseeing tax policy, public debt, international finance, and sanctions, was closely scrutinized by the business and finance communities. Bessent’s career as a Wall Street financier, including work for George Soros, makes him a striking figure in the establishment of Trump’s pledged reforms of global trade and tax regimes.
An early backer of Trump’s 2024 campaign, Bessent reportedly contributed at least $3 million to the effort. His economic philosophy includes a call for reduced government subsidies, deregulation, increased domestic energy production, and a strong defense of tariff implementation. Following Trump’s election victory, Bessent noted in an opinion piece that the market’s positive response reflected investor optimism for a revitalized economy.
Trump’s announcement comes after Matt Gaetz pulled out of contention for the attorney-general role amid revived claims of sexual misconduct. In a wider cabinet reshuffle, Russell Vought has been appointed to head the Office of Management and Budget and Representative Lori Chavez-DeRemer has been chosen as secretary of labor. Scott Turner, a former football player and Trump administration veteran, is supposed to become housing secretary. The Commerce Secretary will be Wall Street veteran Howard Lutnick.
In addition, Dr. Marty Makary has been selected to lead the Food and Drug Administration, and has been hailed for his resistance to vaccine mandates during the COVID-19 pandemic. Fox News contributor Janette Nesheiwat has been tapped as the next surgeon general and former Republican Rep. Dave Weldon has been picked to lead the Centers for Disease Control and Prevention.
