Trump reveals Scott Bessent as pick for Treasury Secretary

President-elect Donald Trump revealed Friday in a social media post his nomination of Scott Bessent to serve as the 79th Secretary of the Treasury.

Since his election win on Nov. 5, the former president has been continuously releasing names of his Cabinet picks, with Bessent as the latest reveal. In a post to Truth Social, Trump described the billionaire as “widely respected as one of the World’s foremost International Investors” and also a geopolitical and economic strategist. Trump highlighted that his story is “of the American Dream.”

“Scott has long been a strong advocate of the America First Agenda,” Trump wrote. “On the eve of our Great Country’s 250th Anniversary, 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, Center of Innovation and Entrepreneurialism, Destination for Capital, while always, and without question, maintaining the U.S. Dollar as the Reserve Currency of the World.”

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“Unlike in past Administrations, we will ensure that no Americans will be left behind in the next and Greatest Economic Boom, and Scott will lead that effort for me, and the Great People of the United States of America,” Trump added.

Bessent, a 62-year-old South Carolina native, is the founder of Key Square Capital Management, a hedge fund managing an estimated $14.2 billion, according to Wall Mine. Before advising Trump on his economic policy during the campaign, Bessent served as the chief investment officer at Soros Fund Management, the investment firm founded by liberal mega-donor George Soros.

Throughout the campaign, Trump promoted his approval of tariffs and his vow to revitalize the U.S. economy, as voters expressed ongoing disapproval of the Biden-Harris administration’s handling of the economy.

Following Trump’s victory, Bessent published an opinion piece in the Wall Street Journal, noting that financial markets had already embraced the “Trump 2.0 economic vision” as they began moving in anticipation of Trump’s tax cuts and looser regulations, policies Bessent has long advocated for.

In a recent Fox News opinion piece, Bessent defended tariffs, an economic tool Trump heavily advocated for, especially in the final weeks of his campaign. In the piece, Bessent criticized Vice President Kamala Harris’ campaign for misleading voters by comparing tariffs to a “sales tax.”

“The truth is that tariffs have a long and storied history as both a revenue-raising tool and a way of protecting strategically important industries in the U.S. President-elect Trump has added a third leg to the stool: tariffs as a negotiating tool with our trading partners,” Bessent wrote.

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