Trump nominates Bessent to head US Treasury amid flurry of announcements

Scott Bessent was an early backer of Trump's 2024 presidential bid

Donald Trump has nominated Scott Bessent to head the U.S. Treasury Department, a key position overseeing tax policy, public debt, international finance, and sanctions. This decision concludes one of Trump’s more drawn-out choices as he builds his team for a second term.

While Trump has appointed some candidates based on loyalty and conviction over experience, he has opted for convention with the Treasury Department, a vital role with responsibilities such as managing taxes, overseeing banks, implementing sanctions, and handling U.S. government debt. Trump noted that Bessent would help address the country’s growing federal debt, a concern for many Republicans, though financial markets may view additional debt as a risk.

Bessent, a Wall Street financier with experience working for George Soros, was an early supporter of Trump’s 2024 campaign and offers a solid, traditional background for the role. At 62, his nomination on Friday evening marked the start of a series of cabinet and White House appointments, nearly completing Trump’s leadership team ahead of his return to office in January.

“Scott is widely respected as one of the world’s foremost international investors and economic strategists,” Trump said in his Truth Social announcement. He added that Bessent would back the “America First Agenda” and support policies aimed at boosting U.S. competitiveness and correcting trade imbalances.

Bessent has expressed his commitment to extending the tax cuts from Trump’s first term and supports the use of import tariffs as a “useful negotiating tool.” During the campaign, he promised a “new golden age” characterized by deregulation, low-cost energy, and low taxes.

In addition to Bessent’s nomination 

Trump named Republican Congresswoman Lori Chavez-DeRemer as U.S. Labor Secretary, aiming to improve wages and bring back manufacturing jobs. He also appointed Scott Turner to lead the Department of Housing and Urban Development, and several health-related positions, including Dr. Janette Nesheiwat as Surgeon General and Dr. Dave Weldon as CDC Director. Russell Vought was nominated as Director of the Office of Management and Budget, and Alex Wong and Sebastian Gorka were given White House roles.

If confirmed, Bessent will quickly face the challenge of extending Trump’s tax cuts and navigating the president-elect’s controversial trade policies, which include sweeping tariffs. These policies have raised concerns in traditional economic and corporate circles, but Bessent has made it clear that ensuring the tax cuts don’t expire by 2025 is his top priority, warning that failure to do so would result in the largest tax increase in U.S. history.

Bessent, a South Carolina native, earned his reputation in the 1990s by betting against the British pound and Japanese yen while working for Soros. In 2015, he founded Key Square Capital Management, a firm known for its macroeconomic-focused investments. He is also known for his philanthropy in South Carolina and has been an advocate for Trump’s protectionist policies, particularly tariffs, which he argues are based on economic reasoning rather than political ideology.

Bessent is also a vocal supporter of Trump’s embrace of cryptocurrency. Should he take office, he would become the first Treasury Secretary to publicly champion the industry, signaling Trump’s commitment to making the U.S. the global leader in cryptocurrency.