Donald Trump nominates Scott Bessant to lead US Treasury Department

Washington: Scott Bessent has been nominated by US President-elect Donald Trump to head the US Department of Treasury. “I am extremely happy to propose Scott Bessent as the 79th Secretary of the Treasury of the United States,” Trump said in a statement. As one of the world’s leading international investors and geopolitical and economic strategists, Scott is highly respected. The American Dream is the theme of Scott’s narrative.

“Scott has been a fervent supporter of the America First Agenda for a long time. As we strengthen our position as the world’s leading economy, a hub for innovation and entrepreneurship, and a destination for capital, he will assist me in ushering in a new Golden Age for the United States on the eve of our great nation’s 250th anniversary—all the while, without a doubt, keeping the US dollar as the world’s reserve currency. Scott will spearhead that endeavor on behalf of me and the great people of the United States of America, and unlike previous administrations, we will make sure that no American is left behind in the next and greatest economic boom.

Trump said in his statement that his government would “restore freedom, strength, resilience, and efficiency to our capital markets” in reference to the main concerns of his campaign.
He said that his government will “help curb the unsustainable path of federal debt and reinvigorate the private sector.”

Bessent, 62, was referred to by Trump as “a lifelong champion of Main Street America and American industry.” Scott will support Trump’s initiatives to boost American competitiveness, halt “unfair trade imbalances,” and contribute to the development of an economy that prioritizes growth.

The Treasury Department is a crucial link between the White House and Wall Street. Its duties include managing US government debt, overseeing banks, enforcing sanctions, and collecting taxes.

According to Trump’s statement, Bessent is an American educator, philanthropist, and investor. He founded Key Square Group and serves as its CEO. Prior to that, he worked at Soros Capital Management for the most of his career, serving as chief investment officer from 2011 to 2015.

Bessent owns a variety of operational companies in the publishing, real estate, hospitality, and agricultural sectors via his family office. He has over 35 years of experience in the investment management industry.

Bessent is a member of the Rockefeller University Board. He is also a member of the Economic Club of New York and the Council on Foreign Relations.

According to Trump’s statement, Bessent has been engaged in some of the biggest and most lucrative bets in hedge fund history, such as shorting the Japanese yen and the British pound, reorganizing the Argentine debt, and liquidating MF Global’s Italian assets.

The Senate must now approve Bessent’s nomination to head the Treasury Department.

Bessent had said in a Fox News interview just before the US presidential election that, should he join the administration, his first objective would be to make sure the tax cuts do not expire as scheduled at the end of next year. “If it doesn’t happen, this will be the largest tax increase in US history,” Bessent had said.

In addition to being a key policy advisor to the President, the Secretary of the Treasury is primarily in charge of developing and recommending domestic and foreign financial, economic, and tax policies, managing the national debt, and taking part in the creation of broad fiscal policies that affect the entire economy.

The Secretary manages the Department’s operations, which include coin and currency manufacturing, acting as the US Government’s financial agent, and performing certain law enforcement duties. In addition, the Secretary is the government’s main financial officer.

The US Treasury Secretary at the moment is Janet Yellen.

Lori Chavez-DeRemer, a 56-year-old Republican congresswoman, was also nominated by Trump on Friday to be the US Labor Secretary, claiming she would contribute to “growing wages and improving working conditions [and] bringing back our manufacturing jobs.”

Scott Turner has also been named by the US president-elect as his choice to head the Department of Housing and Urban Development. He was a member of the Texas House of Representatives before.