Trump selects Scott Bessent for the role of treasury secretary

President-elect Donald Trump has chosen Scott Bessent, a hedge fund executive and top fundraiser for his campaign, to serve as the Secretary of the Treasury Department. If confirmed by the Senate, Bessent will be responsible for implementing tax cuts and managing relationships with global finance ministers amid Trump’s proposed tariffs on imports. Bessent founded the hedge fund Key Square Capital Management in 2015 after working at Soros Fund Management. He has expressed support for Trump’s economic and national security policies, but has also emphasized the strategic use of tariffs. Bessent’s role will involve working with the Federal Reserve to set monetary policies in line with Congress and the White House. Trump has praised Bessent’s intelligence and financial acumen, contrasting him with Fed Chairman Jerome Powell whom Trump has criticized in the past. Bessent’s appointment comes after Steven Mnuchin led the Treasury Department during Trump’s first term, overseeing economic initiatives such as the CARES Act that aimed to alleviate the financial impacts of the COVID-19 pandemic. Mnuchin has indicated he is unlikely to accept a new Cabinet role but is willing to serve in an external capacity.

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