Donald Trump has nominated Scott Bessent to lead the US Treasury Department, marking a significant step in assembling his team for a potential second term. The 62-year-old Wall Street financier, who previously worked for George Soros, was an early supporter of Trump’s 2024 presidential bid.
In a series of Friday evening announcements, Trump also nominated several other key cabinet positions. These include Republican Congresswoman Lori Chavez-DeRemer for US Labor Secretary, Scott Turner for the Department of Housing and Urban Development, Dr. Janette Nesheiwat as Surgeon General, and Dr. Dave Weldon as CDC Director. Russell Vought was selected to return as director of the US Office of Management and Budget, a role he previously held during Trump’s first term.
Bessent brings a relatively conventional background to the Treasury role, which oversees critical functions including tax policy, public debt, international finance, and sanctions. Trump praised Bessent as a “foremost International Investor and Geopolitical and Economic Strategist” who supports the “America First Agenda.”
If confirmed by the Senate, Bessent would immediately face several key challenges. His top priority would be extending the tax cuts from Trump’s first term, warning that failure to do so could result in “the largest tax increase in US history.” Trump has also proposed controversial trade policies, including sweeping tariffs on imported goods.
Unlike some of Trump’s other nominations, the Treasury pick appears to follow a more traditional path. The department serves as a critical liaison between the White House and Wall Street, requiring a nuanced approach to economic policy.
Bessent has an interesting professional background. He made his name in the 1990s working for George Soros, betting against the British pound and Japanese yen. In 2015, he founded Key Square Capital Management, known for making investments based on broad economic policies.
A notable aspect of Bessent’s potential leadership is his support for cryptocurrency. He would be the first Treasury Secretary to openly champion crypto, signaling Trump’s intention to establish the US as the “crypto capital of the planet.”
While supportive of Trump’s protectionist agenda, Bessent takes a somewhat moderate stance on tariffs. He argues that opposition to tariffs is ideologically driven and suggests Trump’s tariff proposals might be more of a negotiating strategy than a rigid policy.
Personally, Bessent is a South Carolina native known for his philanthropy. He is married to a former New York City prosecutor, and they have two children.
The nominations complete much of Trump’s top team ahead of his potential return to the presidency in January, showcasing his approach to assembling a cabinet that balances loyalty to his agenda with some degree of conventional expertise.
The final confirmation of these nominations will depend on Senate approval, with Bessent’s Treasury nomination likely to receive particular scrutiny given the role’s critical importance to the nation’s economic policy.
