President-Elect Trump Nominates Scott Bessent as Treasury Secretary
President-elect Donald Trump announced on Friday his selection of hedge fund CEO Scott Bessent to serve as Treasury Secretary in his second administration. Bessent, 62, is the founder and CEO of Connecticut-based hedge fund Key Square Group and previously worked as Chief Investment Officer at Soros Fund Management.
The nomination comes as markets responded positively to what analysts called a “Bessent bounce,” with Treasury yields easing and stocks rising. If confirmed by the Senate, Bessent would become the first openly gay Treasury Secretary and the first LGBTQ Senate-confirmed Cabinet member in a Republican administration.
Bessent will face significant challenges including managing Trump’s proposed tariff agenda, implementing tax cuts, and addressing the federal debt limit. The nominee has advocated for a “3-3-3” policy approach, aiming to cut the budget deficit to 3% of GDP by 2028 while pushing GDP growth to 3% through deregulation.
Source: CBS News