CNN
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President-elect Donald Trump has nominated billionaire Scott Bessent to be the next Secretary of the Treasury.
“Scott has long been a strong supporter of the America First Agenda. On the eve of our great nation’s 250th anniversary, he will help me usher in a new golden age for America. An economy where we lead the world. “We will always, and without question, maintain the U.S. dollar as the world’s reserve currency as we strengthen our position as a center of innovation and entrepreneurship and a destination for capital,” Trump said in a statement Friday announcing his selection. and confirmed CNN’s previous report.
“Unlike past administrations, we intend to ensure that no American is left behind in the next greatest economic boom, and Scott will lead that effort for me and the great people of America. ”
Mr. Bessent, 62, advised President Trump on economic policy during the campaign and is the founder of the hedge fund Key Square Capital Management. Prior to that, he was chief investment officer of Soros Fund Management, a hedge fund founded by Democratic megadonor George Soros. He made a name for himself at the firm by leading betting efforts against the British pound and Japanese yen that netted the firm billions of dollars in profits.
The Secretary of the Treasury, a key member of the Cabinet, advises the President on economic and fiscal matters, including spending and taxes. The role is considered the top job in finance in any administration and is a trophy position for many of Wall Street’s wealthy financiers.
If confirmed by the Senate, Bessent’s early days in office would be even more difficult than usual as she would have to face pressure to address the federal debt limit, expiring provisions in the Republicans’ 2017 tax cut package and Trump campaign promises. There is a possibility.
Bessent is the first openly gay Treasury secretary and the first LGBTQ Cabinet member to be confirmed by the Senate in a Republican administration, according to the Associated Press. In 2021, Biden administration Secretary of Transportation Pete Buttigieg became the first Cabinet member to come out as gay in the Senate.
Since Trump’s election victory, the US dollar has soared, reaching a one-year high. In a Nov. 10 op-ed for the Wall Street Journal, Bessent said the rally was “a vote of confidence in U.S. leadership internationally and in the dollar as the world’s reserve currency.” He said a similar rally in financial markets is a sign that investors “expect President Trump’s policies to promote non-inflationary growth that will encourage private investment.”
He went on to urge Trump to pursue policies that include deregulation, tax cuts and “addressing the debt burden,” which he blamed on “four years of reckless spending.” .
However, Bessent did not mention tariffs in his article. As a candidate, President Trump promised to impose 60% tariffs on products from China and 10% on products from other countries.
In recent interviews with the Financial Times and CNBC, Mr. Bessent signaled support for a more moderate approach to tariffs aimed at reducing the inflationary backlash that could result from the imposition of tariffs.
Mr. Trump had been scheduled to announce his nomination for the Treasury Department a week ago, but the competition between Mr. Bessent and Howard Lutnick, the front-runners for the position, widens the field. Ta. Earlier this week, the president-elect selected Lutnick, CEO of Cantor Fitzgerald and transition co-chairman, to be secretary of commerce.
As CNN previously reported, Trump was close to deciding on Bessent’s name earlier this month, with allies saying Trump has become involved in the billionaire’s integrity and the MAGA movement after working for Soros. He said he liked the fact that he had converted. While Mr. Lutnick was more aggressive in his pursuit of the position, Mr. Bessent pursued it in a more modest manner. But he called Elon Musk over the weekend, trying to convince the tech billionaire before attending the United Fighting Championship with President Trump. But Mr. Musk expressed his support for Mr. Lutnick on X, calling Mr. Bessent “the usual choice.”
Trump on Friday night named new Cabinet appointments and other senior administration officials in quick succession, hoping to announce the latest decisions before the holidays, two people familiar with the announcement said. One of the sources said he was especially keen to announce his nomination to the Treasury Department by the end of the week to get more news coverage.
Sources said all of the names Trump put forward Friday night were finalized by the afternoon, but he wanted to name the Treasury secretary first before announcing any other decisions.
This role will be especially important in the incoming Trump administration, given the president-elect’s campaign promise to impose flat tariffs of 10% or 20% and tariffs of 60% or higher on all imports entering the United States. % of total imports from China.
The next secretary will need to act quickly to ensure the nation does not default on its debt after the debt ceiling is reinstated in early January unless Congress addresses it first. The Secretary will also work with President Trump and Republicans in Congress to extend provisions of the more than $4 trillion Tax Cuts and Jobs Act that expire at the end of 2025.
All of this is in addition to the Secretary’s regular duties, which oversee the Treasury Department, which pays trillions of dollars in bills, collects taxes, sells U.S. bonds to investors, and acts as a regulator for the banking and financial industry. It is. He also serves as the country’s finance minister on the world stage.
During his first term, President Trump chose investor and Hollywood producer Steven Mnuchin, who remained in office for four years. Mnuchin had no government experience before taking the Treasury post, but he also served as Treasury Committee chairman during Trump’s 2016 campaign.
The former Secretary worked on and helped implement some of the major COVID-19 pandemic relief packages, including the 2017 Tax Cuts and Jobs Act and the stimulus checks distributed to millions of Americans.
This heading and article have been updated with additional developments.
CNN’s Kayla Tausche and Matt Egan contributed to this report.
