US President-elect Trump campaigned on tax cuts and further import tariffs. Hedge fund manager Scott Bessent will be responsible for implementing this as finance minister in the future. Trump announced these and other nominations.
US President-elect Donald Trump has proposed investor Scott Bessent as a candidate for US Treasury Secretary. “I am very pleased to nominate Scott Bessent to serve as the 79th Secretary of the Treasury of the United States,” Trump wrote in a statement posted on his own social media platform, Truth Social.
“Scott is widely respected as one of the world's leading international investors and geopolitical and economic strategists.” Trump announced that Bessent should, among other things, eliminate imbalances in foreign trade and focus on economic growth. Containing the growth of US national debt should also be a priority.
Bessent wants Election promises Trump's implementation
The 62-year-old Bessent is the founder of the hedge fund Key Square Group. He was previously Chief Investment Officer at Soros Fund Management and is considered an expert in global macro investing.
The next US Treasury Secretary will, among other things, have to find a way to implement Trump's campaign promises such as tax cuts and new import tariffs. Some economists had criticized the plans that would lead to higher prices for US consumers and put a strain on the US government budget.
However, Bessent had defended the proposals in recent months. Among other things, he advocated for tax reform and deregulation, particularly to boost bank lending and energy production, as he recently wrote in an opinion piece for the Wall Street Journal. The market's rebound after Trump's victory, Bessent said, signals investor expectations for higher growth, lower volatility and inflation, and a revitalized economy for all Americans.
Job with global financial market responsibility
As Treasury secretary, Bessent is essentially the highest-ranking U.S. economic official who will be responsible for maintaining operations in the world's largest economy. The Treasury chief also directs U.S. financial sanctions policy, oversees the U.S.-led International Monetary Fund, the World Bank and other international financial institutions, and is responsible for reviewing foreign investment in the U.S. for national security purposes.
Trump confidant Howard Lutnick was also interviewed for the post of finance minister and was supported by, among others, tech billionaire Elon Musk. However, in the end, Trump nominated Lutnick for the position of Commerce Secretary.
Trump announces further nominations
Trump also wants to take Russell Vought with him to the White House. The 48-year-old was already part of the then US government during Trump's first term in office until 2021 and is considered one of the minds behind “Project 2025”, which is considered a plan for Trump's second term in office and envisages a radical government restructuring and mass deportations. Vought will again be budget director in the White House Office of Management and Budget.
In addition to Vought and Bessent, Trump announced other nominations: Republican Congresswoman Lori Chavez-DeRemer is slated to be Secretary of Labor. The general practitioner and Fox News contributor Janette Nesheiwat is to become the top US doctor as the so-called Surgeon General. The CDC will be headed by Dave Weldon, a former Republican congressman from Florida. As head of the Food and Drug Administration (FDA), Trump recommended Marty Makary, a surgeon at Johns Hopkins Hospital in Baltimore. Former NFL player Scott Turner is also set to become Minister of Housing and Urban Development.
All appointments must be confirmed by the US Senate, which requires a simple majority of senators.
