President-elect Donald Trump has announced his nomination of hedge fund manager Scott Bessent to serve as U.S. Treasury Secretary, marking a significant addition to his incoming administration. The announcement was made Friday, with Trump praising Bessent as “one of the most brilliant men on Wall Street” and a key figure to lead the country into a “Golden Age.”

Bessent, 62, is the founder of Key Square Capital Management and a former chief investment officer at Soros Fund Management. Trump highlighted Bessent’s extensive financial expertise and described him as a visionary capable of navigating economic and trade challenges, adding, “Scott will help me usher in a new Golden Age for the United States.”

Bessent has a storied career in finance, having managed investments for George Soros and taught economic history at Yale University. As Treasury Secretary, he will oversee federal fiscal policies, liaise with the Federal Reserve, and navigate Trump’s economic agenda, including proposed universal baseline tariffs and tax cuts.

Bessent expressed his enthusiasm for Bitcoin and crypto earlier this year, describing it as an embodiment of freedom and a permanent feature of the economy. He noted, “Crypto is about freedom, and the crypto economy is here to stay.”

Bessent also emphasized the importance of using tariffs strategically in trade negotiations, a nuanced position that could attract scrutiny from Trump’s protectionist allies. In a recent Fox News op-ed, he celebrated tariffs as a revenue tool but advocated their careful application to secure beneficial trade agreements.

Bessent’s role will be pivotal in implementing Trump’s economic policies, particularly as the administration seeks to address inflation concerns and establish U.S. energy and manufacturing dominance. The Treasury Secretary will also manage relationships with global finance ministers as the U.S. embarks on its ambitious tariff strategy.

Notably, Bessent’s nomination comes amid moderating inflation and recent Federal Reserve interest rate cuts. Trump has expressed dissatisfaction with Fed Chairman Jerome Powell, whom he appointed in 2017, raising questions about the future relationship between the White House and the central bank. Powell has indicated he will not resign and could remain in office until his term ends in May 2026.

Bessent’s nomination is one of several high-profile picks by Trump, including Robert F. Kennedy Jr. for Health and Human Services Secretary and Howard Lutnick for Commerce Secretary. Trump has also established a new Department of Government Efficiency, co-led by Elon Musk and Vivek Ramaswamy, aimed at streamlining federal agencies and reducing waste.

Bessent’s nomination underscores Trump’s focus on leveraging experienced financial leaders to execute his economic vision. If confirmed, Bessent will face the challenge of steering the U.S. economy through global uncertainties, advancing Bitcoin-friendly policies, and balancing Trump’s nationalist economic strategies with the realities of international trade.

NBC News Article