From the Wall Street Journal: Donald Trump has selected hedge-fund manager Scott Bessent to lead the Treasury Department, according to people familiar with the matter, elevating one of the finance world’s most vocal supporters of the president-elect to a crucial position overseeing the incoming administration’s economic agenda.
Bessent in recent months has become a key economic adviser to Trump and his team. He has defended Trump’s economic proposals in the midst of opposition from some on Wall Street, who worry that the president-elect’s pledge to impose sweeping tariffs will trigger trade wars and ultimately lead to higher prices for American consumers.
If confirmed, Bessent would be tasked with turning Trump’s campaign-trail promises into policy, and he would help determine whether the president-elect follows through on some of his most eye-catching economic policy proposals—from eliminating taxes on tips to slapping across-the-board tariffs on U.S. imports.
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Bessent, 62 years old, is the founder of investment firm Key Square Capital Management. He was the chief investment officer at George Soros’s Soros Fund Management from 2011 to 2015. He primarily lives in Charleston, S.C.
Bessent is openly gay, and is married to former New York City prosecutor John Freeman.
Bessent is reportedly a staunch supporter of Trump, and was a co-chair at a Republican fundraiser for Trump in Palm Beach, Florida.
The WSJ noted that some Trump allies were opposed to Bessent for the role, and took issue with his previous work for Soros.
Elon Musk had also opposed Bessent, and had earlier pushed for Howard Lutnick to be nominated for the role, arguing that Bessent would just be “business as usual.”
Trump ended up nominating Lutnick as Secretary of Commerce.
Fox News Alert: Donald Trump has selected Wall Street vet Scott Bessent for Treasury Secretary, reports @BretBaier pic.twitter.com/cwJ920lqd5
— TV News Now (@TVNewsNow) November 22, 2024
🚨NEW: President Trump announces the nomination of Scott Bessent as Treasury Secretary. pic.twitter.com/nFII1dRqd2
— Trump War Room (@TrumpWarRoom) November 23, 2024
Former State Department spokesperson Morgan Ortagus released the following statement: “It’s fabulous news that President-elect Trump has selected Scott Bessent to be America’s next Treasury Secretary. Scott is not just a titan of the financial industry. He understands the national security threat posed by the CCP and I am confident he will take the actions necessary to protect America against China’s economic warfare. Congrats, Scott!”
It’s fabulous news that President-elect Trump has selected Scott Bessent to be America’s next Treasury Secretary.
Scott is not just a titan of the financial industry. He understands the national security threat posed by the CCP and I am confident he will take the actions…
— Morgan Ortagus (@MorganOrtagus) November 22, 2024
Breaking: Donald Trump named hedge-fund manager Scott Bessent to lead the Treasury Department https://t.co/GGiiIAalVK
— The Wall Street Journal (@WSJ) November 22, 2024
Donald Trump’s transition team is preparing to announce that he has selected Scott Bessent as the next US Treasury secretary, sources say https://t.co/l3ToSg0ewY
— Bloomberg (@business) November 22, 2024
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