Trump Names Scott Bessent as Treasury Secretary

President-elect Donald Trump has nominated Scott Bessent to lead the U.S. Department of the Treasury, ending days of speculation after other names emerged as competitors to the reported favorite.
“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 in a statement on the nomination.
Bessent, 62, is a Wall Street veteran and founder of international macro investment company Key Square Group. He served as a key economic adviser to Trump’s 2024 campaign.
In his statement on Bessent’s nomination, Trump said that economic policy under his administration would maintain the U.S. dollar’s reserve currency status, fortify the United States’s position as the world’s strongest economy, and invigorate the private sector.
The president-elect also noted Bessent’s deep family roots in South Carolina, saying that he belongs to a historic French Huguenot Church, which members of his family founded in the 1680s, in the port city of Charleston.
Like his predecessors, Bessent will now oversee a vast portfolio to employ the president’s economic agenda.
The two immediate issues Bessent will grapple with will be averting a default as the national debt ceiling limit will expire on Jan. 1, 2025, and extending the Trump-era Tax Cuts and Jobs Act due to expire at the end of next year.
Looking ahead, Bessent will also champion the president-elect’s trade proposals, including across-the-board tariffs.
Cryptocurrency could be another area that the incoming Treasury secretary will home in on.
“I have been excited about the president’s embrace of crypto and I think it fits very well with the Republican Party, crypto is about freedom and the crypto economy is here to stay,” he stated in an interview with Fox News earlier this year.
If confirmed by the Senate in January, Bessent will succeed Janet Yellen. Steven Mnuchin served as Trump’s Treasury secretary during his first term.
“Markets are signaling expectations of higher growth, lower volatility and inflation, and a revitalized economy for all Americans,” Bessent wrote.
Bessent has received support from several prominent Wall Street individuals, including Kyle Bass, the founder and principal of the Dallas-based Hayman Capital Management.
The hedge fund investor, Bass said, has invested across the globe, formed relationships with global finance ministers and central bankers, and understands financial markets.
“Scott is by far the best candidate for the job as Secretary,” Bass said.
The announcement of the Treasury secretary role was one of the most eagerly awaited decisions among Trump’s cabinet picks, sparking a wide range of reactions on social media platform X.
“He is a great combination of being academically gifted and real world tested,” Graham wrote.