Donald Trump has nominated hedge fund manager Scott Bessent to lead the U.S. Treasury, ending speculation over who would hold the key economic position.
In a statement posted to Truth Social on Friday, Trump championed Bessent as “one of the World's foremost International Investors.”
“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,” he wrote.
Bessent has served as an adviser to the Trump campaign and is the founder of Key Square Capital Management, a hedge fund he started after a stint as chief investment officer at George Soros' Soros Fund Management.
Bessent's potential position was one of the most hotly debated Cabinet posts within Trump’s transition team. Trump adviser and Tesla CEO Elon Musk was actively pulling for Wall Street exec and crypto enthusiast Howard Lutnick to lead the Treasury, calling Bessent a “business-as-usual choice” Lutnick was ultimately nominated for Commerce secretary.
Both Bessent and Lutnick met Trump’s top criteria for the job, per the Financial Times: a willingness to ram through tariffs that Trump promised on the campaign trail.
Bessent has also been an ardent supporter of the president-elect’s third run for office, hosting a series of fundraisers this year that drew in tens of millions.
Bessent is the fifth billionaire to be nominated for a Cabinet post by Trump, That number climbs to seven if you count Elon Musk and Vivek Ramaswamy, the co-heads of not yet official Department of Government Efficiency.
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