Trump nominates Scott Bessent to lead US Treasury
Getty ImagesDonald Trump nominated Scott Bessant to lead the U.S. Treasury Department, a position that provides broad oversight of tax policy, public debt, international finance and sanctions.
The election caps off one of the more drawn-out decisions the president-elect has to make as he assembles his team to seek a second term.
Bessant, a Wall Street financier who once worked for George Soros, was an early supporter of Trump’s 2024 campaign and will bring a relatively traditional resume to the position.
On the campaign trail, he told voters that Trump would usher in “a new golden age of deregulation, low-cost energy, (and) low taxes.”
“Scott is widely respected as one of the world’s foremost international investors, geopolitical and economic strategists,” Trump said in a statement released to The Truth Society on Friday.
“(He) has long been a staunch advocate for the America First agenda,” he said, adding that Bessant would “support my policies that will increase U.S. competitiveness and stem unfair trade imbalances. “
In a series of announcements Friday night, Trump also nominated Republican Rep. Lori Chavez-Dremer to be U.S. labor secretary.
The 56-year-old representative from Oregon won strong support from unions but narrowly lost her re-election bid earlier this month, meaning her nomination will not affect the Republican majority in the House in January. seats.
Trump also announced his support for Dr. Janette Nesheiwat to serve as Surgeon General, one of the most senior health positions in the country, and Russell Vought for U.S. Management and Budget Director of an office that helps determine policy priorities and their funding sources.
Walter played an important role in 2025 plan — the conservative Heritage Foundation’s “wish list” for a second Trump presidency — held the same position during Trump’s first term.
Getty ImagesIf Bessant’s nomination to lead the Treasury Department is confirmed by the Senate, he will almost immediately be thrust into a fight in Washington over an extension of Trump’s first-term tax cuts.
Trump has also called for controversial changes in trade policy, proposing sweeping tariffs on all goods entering the country.
These ideas have caused alarm in traditional economic and corporate circles.
In an interview with Fox News shortly before the election, Bessant said that if he ends up in government, ensuring that the tax cuts do not expire as planned at the end of next year will be his top priority.
“If it doesn’t happen, this will be the largest tax increase in American history,” he warned.
For other offices, Trump has been willing to back candidates with the least experience, citing loyalty and a clear belief in his commitment.
But he appears more hesitant to go against the rules of the Treasury Department, which is the key liaison between the White House and Wall Street and whose key functions include taxing taxes, regulating banks, imposing sanctions and handling U.S. government debt.
Born in South Carolina, Bessant graduated from Yale University and began his career at Brown Brothers Harriman, one of the oldest investment firms in the United States.
He became famous for shorting the pound and yen in the 1990s while working for Soros, a major Democratic donor.
In 2015, he founded his own fund, Key Square Capital Management, which is known for investing based on macroeconomic policies.
He also taught economic history at Yale University, served on the Council on Foreign Relations, and served as a trustee of the Rockefeller Institute.
He and his husband, a former New York City prosecutor, married in 2011 and have two children. He is known for his philanthropy in South Carolina, where his family has deep roots.
Bessant defended tariffs – the pinnacle of Trump’s protectionist agenda – arguing that opposition to them was rooted in political ideology rather than “well-thought-out economic thinking.”
But he also viewed Trump’s support for such border taxes as a negotiating tool, suggesting the president-elect is not necessarily committed to significantly raising tariffs.
That stance makes him more moderate than other Treasury secretary nominees, such as former U.S. Trade Representative Robert Lighthizer.
However, Bessant has been a staunch supporter of Trump’s embrace of the cryptocurrency industry. Such support would make him the first Treasury secretary to publicly support cryptocurrencies, sending a clear signal that Trump is serious about making the United States the “crypto capital of the planet.”
In an interview with Fox News this summer, Bessant said he believed cryptocurrencies were very much in line with the ethos of the Republican Party and that Democrats were overreacting to fraudsters like Sam Bankman-Fried.
“Cryptocurrency is about freedom,” he said.
