President-elect Donald Trump has chosen billionaire Scott Bessent as his nominee for Secretary of the Treasury. In a statement released Friday, Trump praised Bessent as a strong supporter of the “America First” agenda. He expressed confidence that Bessent would help lead the U.S. into a new era of economic prosperity, positioning the country as the global leader in innovation, entrepreneurship, and capital investment, while ensuring the U.S. dollar remains the world’s reserve currency.
Trump emphasized that, unlike previous administrations, his administration would focus on ensuring that no Americans are left behind in the upcoming economic boom, with Bessent at the helm of this effort for both the nation and its people.
Scott Bessent, 62, played a key role in advising Donald Trump on economic policy during the campaign. He is the founder of the hedge fund Key Square Capital Management. Prior to that, Bessent served as the chief investment officer at Soros Fund Management, the hedge fund established by Democratic donor George Soros. Bessent gained recognition at Soros Fund for spearheading successful strategies that bet against the British pound and Japanese yen, generating billions of dollars in profits for the firm.
The U.S. Treasury Secretary is a crucial member of the Cabinet, advising the president on economic and fiscal issues, such as government spending and taxation. This position is considered the top financial role in any administration and is often seen as a prestigious appointment for wealthy Wall Street donors.
If confirmed by the Senate, Scott Bessent may face a particularly tough start in the role, as he will need to navigate pressures related to the federal debt limit, the expiration of certain provisions from the 2017 Republican tax cuts, and fulfill promises made during Donald Trump’s campaign.
Scott Bessent would become the first openly gay Treasury Secretary if confirmed, as well as the first LGBTQ Cabinet member confirmed by the Senate in a Republican administration. This would make him a historic appointment, following Pete Buttigieg’s confirmation as the first openly gay Cabinet member under the Biden administration.
Since Trump’s election, the U.S. dollar has surged, reaching a one-year high. Bessent attributes this rise to global confidence in U.S. leadership and the dollar’s status as the world’s reserve currency. In a November 10 opinion piece, he noted that financial market rallies signaled investor expectations of noninflationary growth under Trump’s policies, which he believed would drive private investment. Bessent also advocated for tax cuts, deregulation, and tackling the national debt, which he blamed on “four years of reckless spending.” However, he did not mention tariffs in his article, even though Trump had pledged to implement substantial tariffs on imports, including a 60% tariff on Chinese goods.
In recent interviews, Bessent expressed support for a more gradual approach to tariffs, suggesting caution to avoid inflationary impacts. While Trump had initially planned to announce his Treasury pick a week earlier, the competition between Bessent and Howard Lutnick—who was chosen for Commerce Secretary—extended the process. Trump had been leaning toward Bessent, impressed by his financial background and transition to supporting the MAGA movement, despite his prior ties to George Soros. Bessent quietly campaigned for the position, even reaching out to Elon Musk in an attempt to sway the tech mogul’s support. Musk, however, endorsed Lutnick, describing Bessent as a “business-as-usual choice.”
Trump was eager to announce his Cabinet selections before the holiday weekend, particularly the Treasury pick, to ensure ample news coverage. Bessent’s role will be critical, with significant responsibilities tied to Trump’s planned economic policies, including imposing tariffs and managing the federal debt limit, which will be a pressing issue once the debt ceiling returns in January.
In addition to these challenges, the Treasury Secretary will oversee the department’s routine duties, such as paying national bills, collecting taxes, managing U.S. debt securities, and regulating the banking and finance industries. The Secretary also represents the nation’s financial interests globally.
During Trump’s first term, Steven Mnuchin, who had no prior government experience, served as Treasury Secretary for the full term. Mnuchin helped implement the 2017 tax cuts and key pandemic relief efforts, including distributing stimulus checks.
