US President-elect Donald Trump nominated the investor Scott Bessent to be the new treasury secretary, a Trump post on his social media platform Truth Social on Friday announced.
Bessent, 62, is the founder of the hedge fund Key Square Group. He was previously the chief investment officer of George Soros' Soros Fund Management and is regarded as an expert in global macro investments.
Trump said Bessent is to address, among other things, the imbalances in foreign trade and focus on economic growth. Trump also wants him to curb the growth of the US national debt, which ballooned under Trump's first presidency as he pushed through massive tax cuts for wealthy Americans.
The next US treasury secretary will have to find a way to implement Trump's campaign promises, such as tax cuts and new import tariffs.
Trump's tariff plan has been massively criticized by both liberal and conservative economists who say it would lead to higher prices for US consumers and strain the government's budget. Bessent has defended the proposals in recent months.
The role also carries global financial market responsibility, particularly as the United States has the largest government bond market.
Howard Lutnick, a confidant of Trump, had also vied for the treasury secretary position and was supported by tech billionaire Elon Musk, among others. However, Trump ultimately nominated Lutnick for the commerce secretary position.