Trump nominates billionaire hedge fund manager Scott Bessent as Treasury secretary

NEWS WIRES

22 November 2024 at 7:11 pm·1-min read

Hedge fund manager Scott Bessent has reportedly been tapped to lead the US Treasury in the new administration of President-elect Donald Trump

Donald Trump has nominated billionaire hedge fund manager Scott Bessent as Treasury secretary. After a blitz of nominations, the US president-elect took his time in settling on a name for the post as he is looking for someone who not only supports, but who can execute, his economic vision.

US President-elect Donald Trump on Friday named billionaire Scott Bessent as his Treasury secretary, choosing the hedge fund manager to help execute an agenda promising tax cuts and tariffs.

Bessent, who is chief executive officer of Key Square Group, has called for an extension of tax cuts from Trump's first term, wants to reassert American energy dominance, and believes it is necessary to deal with the budget deficit.

"Scott is widely respected as one of the world's foremost international investors and geopolitical and economic strategists," Trump said in a statement.

"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," he said, adding Bessent would also help "reinvigorate the private sector, and help curb the unsustainable path of federal debt."

The nomination of Bessent -- who recently served as an advisor to Trump -- would put him at the forefront of rolling out the president-elect's economic plan, from seeing tax cuts through Congress to managing ties with countries like China.

The position carries influence over both domestic and international policy.

(AFP)

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