Trump picks Scott Bessent to serve as treasury chief

US President-elect Donald Trump on Friday (November 22) named billionaire Scott Bessent as his Treasury secretary, choosing the hedge fund manager to help execute an agenda promising tax cuts and tariffs.

Bessent, who is the chief executive officer of Key Square Group, has called for an extension of tax cuts from Trump’s first term, wants to reassert American energy dominance, and believes it is necessary to deal with the budget deficit.

“Scott is widely respected as one of the world’s foremost international investors and geopolitical and economic strategists,” Trump said in a statement.

“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,” he said, adding Bessent would also help “reinvigorate the private sector, and help curb the unsustainable path of federal debt”.

The nomination of Bessent – who recently served as an economic adviser to Trump – would put him at the forefront of rolling out the president-elect’s economic plan, from seeing tax cuts through Congress to managing ties with countries like China.

The position carries influence over both domestic and international policy.

The Treasury Department has oversight across a range of departments, from federal finances to bank supervision. The portfolio also oversees US sanctions.

Bessent has in recent times called for tax reform and deregulation to spur growth.

In a Wall Street Journal opinion piece, he said this would be key to "restarting the American growth engine" and helping keep prices in check._Agencies