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Scott Bessent nominated as Treasury Secretary
President-elect Trump nominated Scott Bessent to serve as Treasury Department secretary once he returns to the White House in January. In a statement on Friday, Trump highlighted Bessent's expertise. "Scott is widely respected as one of the World’s foremost International Investors and Geopolitical and Economic Strategists. Scott’s story is that of the American Dream," Trump said.
WASHINGTON - President-elect Donald Trump said Friday that he will nominate former George Soros money manager Scott Bessent to lead the Treasury Department and serve as treasury secretary.
The secretary of the treasury serves as a major policy advisor to the president and has primary responsibility for formulating and recommending domestic and international financial, economic, and tax policy and managing the public debt.
Trump also said he would nominate Russel Vought to lead the Office of Management and Budget, a position Vought held during Trump's first presidency. Shortly after, Trump also chose Republican U.S. Rep. Lori Chavez-DeRemer as his nominee to lead the Labor Department.
Bessent, 62, is the founder of hedge fund Key Square Capital Management, after having worked on-and-off for Soros Fund Management since 1991. He previously taught at Yale University. If confirmed by the Senate, he would be the nation’s first openly gay treasury secretary.
Scott Bessent, founder and chief executive officer of Key Square Group LP, during an interview in Washington, DC, US, on Friday, June 7, 2024. (Credit: Stefani Reynolds/Bloomberg via Getty Images)
He told Bloomberg in August that he decided to join Trump's campaign in part to attack the mounting U.S. national debt. That would include slashing government programs and other spending.
"This election cycle is the last chance for the U.S. to grow our way out of this mountain of debt without becoming a sort of European-style socialist democracy," he said then.
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At an event hosted by the Manhattan Institute earlier this year, Bessent also suggested that Trump should pursue a three-point plan of targeting 3% economic growth, reducing the deficit to 3% of U.S. gross domestic product and to boost domestic energy production by 3 million barrels of oil a day.
Bessent has also been supportive of Trump's plan to reduce regulations on cryptocurrencies and digital assets. Bessent has also argued that mass deportations of illegal immigrants would be less costly than the status quo given the cost of crime and fentanyl deaths.
Bessent will be required to go through the Senate confirmation process, which will be made easier by a 53-seat Republican majority after GOP candidates flipped four seats in this election.
The Senate Finance Committee will be responsible for holding a confirmation hearing on Bessent's nomination and advancing it to the floor for a confirmation vote.