Washington DC, November 23
United States President-elect Donald Trump has nominated Scott Bessent to lead the US Department of Treasury.
In a statement, Trump said, "I am most pleased to nominate Scott Bessent to serve as the 79th Secretary of the Treasury of the United States. Scott is widely respected as one of the World's foremost International Investors and Geopolitical and Economic Strategists. Scott's story is that of the American Dream".
https://x.com/TrumpDailyPosts/status/1860112446754816385
"Scott has long been a strong advocate of the America First Agenda. On the eve of our Great Country's 250th Anniversary, he will help me usher in a new Golden Age for the United States, as we fortify our position as the World's leading Economy, Center of Innovation and Entrepreneurialism, Destination for Capital, while always, and without question, maintaining the US Dollar as the Reserve Currency of the World. Unlike in past Administrations, we will ensure that no Americans will be left behind in the next and Greatest Economic Boom, and Scott will lead that effort for me, and the Great People of the United States of America".
Commenting upon the key issues of his political campaign, Trump noted in his statement that his administration will "restore Freedom, Strength, Resilience, and Efficiency to our Capital Markets".
He also said that his administration will, "reinvigorate the Private Sector, and help curb the unsustainable path of Federal Debt".
Trump described 62-year-old Bessent as "A lifelong Champion of Main Street America and American Industry", and said that Scott will work for Trump's policies to drive American competitiveness, stop "unfair trade imbalances", and help create an economy that places growth at the forefront.
Treasury Department, serves as a key liaison between the White House and Wall Street and its functions include collecting taxes, supervising banks, wielding sanctions and handling US government debt.
As per the statement issued by Trump, Bessent is an American Investor, philanthropist, and educator. He is the Founder and CEO of Key Square Group. Before that, he spent most of his career at Soros Capital Management, including as chief investment officer from 2011 to 2015.
Through his family office, Bessent controls a number of diversified operating businesses in industries including Agriculture, Hospitality, Publishing, and Real Estate. He has been in the Investment Management Business for over 35 years.
Bessent serves on the Board of Rockefeller University. Also, he is a Member of the Council on Foreign Relations and the Economic Club of New York.
Bessent has been involved in some of the largest and most profitable trades in Hedge Fund History, including shorting the British pound and the Japanese yen, the Argentine debt reorganization, and MF Global Italian bonds liquidation, the statement issued by Trump noted.
Bessent's nomination to lead the Treasury department now has to be confirmed by the Senate
In an interview with Fox News shortly before the US presidential election, Bessent had said that ensuring the tax cuts do not expire as planned at the end of next year would be his top priority, if he became part of the administration. "If it doesn't happen, this will be the largest tax increase in US history," Bessent had said.
The Secretary of the Treasury serves as a major policy advisor to the President, has primary responsibility for formulating and recommending domestic and international financial, economic, and tax policy, participating in the formulation of broad fiscal policies that have general significance for the economy, and managing the public debt.
The Secretary oversees the activities of the Department which serves as the financial agent for the US Government, carries out certain law enforcement responsibilities, and manufactures coins and currency. The Secretary also serves as the chief financial officer of the government.
Janet Yellen is the current US Treasury Secretary.
Meanwhile, Trump also nominated 56-year-old Republican Congresswoman Lori Chavez-DeRemer for US Labour Secretary on Friday, saying she would help to "grow wages and improve working conditions [and] bring back our manufacturing jobs".
The US President-elect has also announced Scott Turner as his nominee to lead Department of Housing and Urban Development. He previously served in the Texas House of Representatives.