President-elect Donald Trump is selecting Scott Bessent, CEO of hedge funds, will become finance minister, he announced on Friday.
In a statement, Trump said he was “extremely pleased” to nominate Bessent, describing him as “widely respected as one of the world’s foremost international investors and geopolitical and economic strategists.”
He said Scott “will support” policies that “promote U.S. competitiveness and end unfair trade imbalances.”
The founder of Connecticut-based hedge fund Key Square Group, 62-year-old Bessent, had pressed the court the mail to Trump, according to a source closely involved in the transition planning.
Trump previously called Bessent a “nice-looking man” and “one of the most brilliant men on Wall Street.” Bessent joked on Fox News that he has a “violent agreement” with Trump about this.
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The Treasury Department’s mission is to maintain a strong economy and promote economic conditions that enable both growth and stability for the U.S. The department is also charged with managing America’s finances and combating threats to national security by protecting the integrity of the financial system.
Bessent, just like Trump, calls for tariffsand views them as a way to generate revenue and protect American industries.
He previously worked for conservative foil George Soros for almost a decade in the 1990s, and at one point was executive director of Soros’ hedge fund.
Bessent is also openly gay, and he and his husband, former New York City prosecutor John Freeman, have two children. If confirmed, Bessent would be the first Senate-confirmed gay Cabinet member of a Republican administration. Ric Grenell served as acting director of national intelligence under Trump, but the Senate never confirmed him.
A native of South Carolina, Bessent graduated from Yale University.
Secretary of the Treasury is a Senate-confirmed position. Janet Yellen is the current Secretary of the Treasury under President Biden.