President-elect Donald Trump announced Friday night that he nominates Wall Street investor Scott Bessent as the next secretary of the Treasury Department.

Trump said that Bessent has been a “strong advocate” of the America First agenda and will continue to be so. Bessnet leads New York–based hedge fund Key Square Capital Management and advised Trump on economic policy during his campaign.

“On the eve of our Great Country’s 250th Anniversary, he will help me usher in a new Golden Age for the United States, as we fortify our position as the World’s leading Economy, Center of Innovation and Entrepreneurialism, Destination for Capital, while always, and without question, maintaining the U.S. Dollar as the Reserve Currency of the World,” Trump said in a statement, announcing the pick.

“Unlike in past Administrations, we will ensure that no Americans will be left behind in the next and Greatest Economic Boom, and Scott will lead that effort for me, and the Great People of the United States of America,” he added.

Before forming his own hedge fund, Bessent worked from 2011 to 2015 as the top investment officer for the private investment firm of Democratic mega-donor George Soros.

The Treasury secretary, which is a cabinet-level position, advises the president on economic and fiscal policy. The secretary also acts as an intermediary between the executive branch and the Federal Reserve to provide stability in the U.S. economy on important monetary matters.

If confirmed by the Senate, Bessent will have to address, among other issues, an economy that underwent high inflation during the Biden administration. Trump campaigned on economic promises, including tax cuts and tariff hikes.

Trump pledged to enact a 10 or 20 percent across-the-board tariff on imported goods coming into the U.S. and threatened to impose a tariff as high as 60 percent on goods from China.

As Treasury secretary, Bessent would have to navigate a delicate tariff situation that could easily turn into a trade war with foreign countries. He previously signaled support for a more gradual approach to imposing tariffs.

In September, Bessent said he liked Trump’s economic plan because it tied together economic policy with national security: ”Economic policy and national security are now inseparable, and Donald Trump understands that.”

“As a lifelong Champion of Main Street America and American Industry, Scott will support my Policies that will drive U.S. Competitiveness, and stop unfair Trade imbalances, work to create an Economy that places Growth at the forefront, especially through our coming World Energy Dominance,” Trump wrote.

“Together, we will Make America Rich Again, Prosperous Again, Affordable Again, and most importantly, Great Again!”