President-elect Donald Trump has officially nominated Scott Bessent, a prominent investor, as the new U.S. Treasury Secretary, concluding days of speculation and competition among high-profile candidates for this influential position.

Bessent, who has a strong background in finance, is expected to play a crucial role in shaping economic and regulatory policies.

The decision comes after intense deliberations, with Wall Street closely monitoring Trump’s selection, particularly in light of his plans to reform global trade and potentially expand tax cuts from his previous term.

At 62, Bessent brings extensive experience, having previously worked with billionaire investor George Soros and short-seller Jim Chanos, and he has been an advocate for tax reform and deregulation.

Trump praised Bessent, stating, “Scott is widely respected as one of the world’s foremost international investors and geopolitical and economic strategists.”

Bessent’s nomination is seen as a positive sign for markets, as he is believed to favor less aggressive tariffs, which could mitigate concerns about trade wars.

His appointment follows a week of fluctuating candidate names, including those of Apollo Global Management CEO Marc Rowan and former Federal Reserve Governor Kevin Warsh.

Bessent’s proximity to Trump, having spent significant time at Mar-a-Lago advising him on economic matters, likely contributed to his selection.

Read more

Trump picks Pam Bondi for US Attorney General after Gaetz withdraws

Trump’s pro-Israel cabinet picks upset Muslims who voted for him

Trump to appoint Marco Rubio as Secretary of State, Mike Waltz as National Security Advisor

As Treasury Secretary, Bessent will oversee critical functions such as tax collection, debt management, and financial regulation.

He will also face challenges related to managing federal deficits projected to rise significantly due to Trump’s proposed tax cuts.

Bessent’s leadership will be pivotal in continuing U.S. economic support for Ukraine amid its conflict with Russia, though it remains to be seen how closely he will align with Trump’s more isolationist stance.

Overall, Bessent’s nomination signals a shift towards a finance-oriented leadership in the Treasury, with expectations for a focus on economic growth and deregulation.