US President-elect Donald Trump, on November 22, announced billionaire hedge fund manager Scott Bessent as his nominee for Treasury Secretary, selecting the CEO of Key Square Group to spearhead an economic agenda focused on tax cuts and tariffs.
Bessent, a prominent figure in international investment and economic strategy, has been a vocal advocate for extending the tax cuts from Trump’s first term, reasserting American energy dominance, and addressing the growing budget deficit, according to a report by AFP.
"Scott is widely respected as one of the world’s foremost international investors and geopolitical and economic strategists," Trump stated. "He will help usher in a new Golden Age for the United States, reinforcing our position as the world’s leading economy," he added, noting Bessent’s role in rejuvenating the private sector and curbing the nation’s unsustainable federal debt, the AFP report added.
Bessent’s appointment, following his recent service as an economic advisor to Trump, places him at the forefront of the president-elect’s economic initiatives, including pushing tax cuts through Congress and managing complex trade relations, particularly with countries like China.
According to AFP, the Treasury Secretary’s role carries significant influence over both domestic and international policy, especially with Trump’s promise of sweeping tariffs on both allies and adversaries, which could heighten trade tensions globally.
The Treasury Department oversees crucial areas like federal finances, bank supervision, and US sanctions, making Bessent’s influence far-reaching. Recently, Bessent has called for tax reform and deregulation to drive economic growth, arguing that these measures are vital to "restarting the American growth engine" and controlling prices.
A strong supporter of Trump’s stance on trade, Bessent defended the president-elect’s position on Roger Stone’s radio show, stating that while Trump supports free trade, the US has not experienced fair or reciprocal trade. This month, Bessent referred to tariffs as "a negotiating tool" with trading partners and a means of standing up for American interests, AFP added.
A South Carolina native and Yale University graduate, Bessent previously served as chief investment officer at Soros Fund Management, the investment firm led by billionaire George Soros. In 2015, he launched his own hedge fund, raising $2 billion in capital, including funding from Soros.
Bessent, who has known the Trump family for over 30 years and was close to the president-elect’s brother, shared in an interview with Stone that he was "all-in for President Trump" and one of the few Wall Street figures backing him during the campaign.
Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
