Breaking: Trump Taps Wall Street Veteran Bessent to Lead Treasury, Rounds Out Economic Team
In a series of dramatic announcements that reshaped his incoming administration’s economic leadership, President-elect Donald Trump named hedge fund manager Scott Bessent as his choice for Treasury Secretary while making several other vital appointments to round out his economic team.
The nomination of Bessent, founder of Key Square Capital Management, marks a significant shift in Trump’s economic strategy. The 62-year-old Yale graduate brings extensive Wall Street experience, having previously served as chief investment officer at Soros Fund Management before launching his firm in 2015.
“Scott has long been a strong advocate of the America First Agenda,” Trump declared in his announcement. “He will help usher in a new Golden Age for the United States.” The president-elect emphasized Bessent’s role in maintaining the U.S. dollar’s status as the global reserve currency and promoting economic growth.
Bessent’s selection comes after months of serving as a key economic adviser to Trump’s campaign, where he vigorously defended the president-elect’s financial proposals.
He has been particularly vocal about supporting Trump’s use of tariffs in trade negotiations despite opposition from some Wall Street circles who worry about potential trade wars.
The Treasury nominee has outlined an ambitious three-point economic plan: he wants 3% economic growth, reducing the deficit to 3% of GDP, and boosting domestic energy production by 3 million barrels of oil daily. He has also expressed support for cryptocurrency deregulation and strict immigration enforcement.
Alongside Bessent’s nomination, Trump announced Russell Vought as his pick to lead the Office of Management and Budget, returning him to a role he held during Trump’s first term. This appointment signals continuity in budget management and regulatory approach.
In a surprise move, Trump also named Rep. Lori Chavez-DeRemer Labor Secretary. The Oregon Republican, who recently lost her reelection bid, brings experience from her tenure as mayor of Happy Valley and has received endorsements from major labor unions.
The financial sector responded positively to these appointments. Lindsey Johnson, president of the Consumer Bankers Association, praised Bessent’s commitment to deregulation and support for small businesses, stating, “We look forward to working with Mr. Bessent to advocate for sound financial regulatory policy.”
These nominations must clear Senate confirmation, a process made easier by the Republicans’ 53-seat majority. To ensure a smooth transition, the Senate Finance Committee will oversee Bessent’s confirmation hearings, which could begin before Inauguration Day.
Market analysts note that these appointments suggest Trump’s second-term economic policy might blend traditional Republican approaches like deregulation and tax cuts with his signature aggressive trade tactics and American priorities.
The Treasury Secretary’s role carries particular weight in implementing presidential economic policies, from tax reform to international finance. Bessent would succeed Steven Mnuchin, who served throughout Trump’s first term after winning confirmation on a 53-47 vote.
These nominations represent the latest in Trump’s efforts to build what he calls a “new Golden Age” for the American economy. He focuses on maintaining U.S. economic supremacy, fostering innovation, and attracting global capital while pursuing protectionist trade policies.