President Trump chooses Scott Bessent for treasury secretary position

President-elect Donald Trump has chosen hedge fund executive and top fundraiser Scott Bessent to serve as Secretary of the Treasury Department, pending Senate confirmation. Trump believes that Bessent will help lead the US into a new era of economic prosperity and competitiveness. Bessent previously worked at Soros Fund Management and currently heads Key Square Capital Management. He has expressed support for some tariff policies but emphasized using them strategically. As Treasury Secretary, Bessent will oversee fiscal policy and manage relationships with global financial leaders. Trump has praised Bessent as a brilliant man and a key player on Wall Street. Bessent will be tasked with implementing any tax cuts pursued by a Republican-controlled Congress. The Treasury Secretary also serves as a liaison with the Federal Reserve, which sets monetary policies. Bessent’s predecessor, Steven Mnuchin, helped navigate the economy through the pandemic with the CARES Act. Mnuchin has stated that he is unlikely to accept a new Cabinet role but is willing to serve from outside the administration. If confirmed, Bessent will have the important responsibility of managing the US economy during a critical time of transition and recovery.

Photo credit
www.nbcnews.com