Trump Picks Hedge Fund Manager Scott Bessent for Treasury Secretary, Reports Say | Global News Avenue

President-elect Donald Trump has chosen Scott Bessant to lead the Treasury Department, multiple media reports late Friday night.

The report quoted people familiar with the matter as saying that the period of discussing several high-profile names as possible replacements was over. Janet YellenAppointed by President Biden after leading the Fed.

As finance minister, Bessant will be responsible for government finances and manage $36 trillion in funds national debtand supervision IRS and office of the comptroller of the currencybanking regulator.

Bessent is the founder of money management company Key Square Group. “The failure of Bidenomics is clear,” he wrote in an opinion piece. wall street journal earlier this month. “But Mr. Trump has turned around the economy before, and he’s ready to do it again.”

Other names believed to be under consideration by Trump include former Federal Reserve governor Kevin Warsh and Marc Rowan, chief executive of private equity giant Apollo Global Management.

Trump’s second cabinet continues to be formed. Remaining economic positions include: Chairman of the Council of Economic Advisers. Trump is also reportedly considering several candidates to replace Jerome Powell His term will end in 2026 as chairman of the Federal Reserve.