Trump will nominate Scott Bessent as Treasury Secretary

President-elect Trump will nominate Scott Bessent to serve as Treasury secretary when he returns to the White House in January, FOX Business’ Charles Gasparino and Fox News’ Rich Edson have confirmed.

Bessent, founder and CEO of global macro investment firm Key Square Group, was a key economic policy advisor and fundraiser for Trump campaign.

He has championed economic policies such as lower taxes, spending restraint and deregulation that have long been at the core of the Republican Party platform, and he has also supported Trump’s use of tariffs in trade negotiations.

At an event hosted by the Manhattan Institute earlier this year, Bessent suggested that Trump pursue a three-point plan to target 3% economic growth, reduce the deficit to 3% of US gross domestic product and increase domestic energy production by 3 million cubic meters. barrels of oil per day.

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Scott Bessent, founder and CEO of Key Square Group, has been nominated by President-elect Trump to be Secretary of the Treasury. (Vincent Alban/Bloomberg via Getty Images/Getty Images)

He has also supported Trump’s plan to reduce regulations on cryptocurrencies and digital assets. Bessent has also argued that mass deportations of illegal immigrants would be cheaper than the status quo given the costs of crime and fentanyl deaths.

Bessent previously taught at Yale University. He worked at Soros Fund Management (SFM) from 1991 to 2005, starting as a partner and eventually managing the firm’s London office. After starting his own venture and working at another firm, he returned to SFM from 2011 to 2015 as Chief Investment Officer before leaving to found his investment company, Key Square Group.

Key Square is focused on macro investing, which is a strategy that utilizes geopolitical and macroeconomic information to guide its approach to investing in various markets.

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President-elect Trump nominates to fill cabinet positions in his incoming administration. (Charly Triballeau/AFP via Getty Images/Getty Images)

The role of finance minister is of great importance to the implementation of the president’s economic agenda.

Treasury secretaries often lead negotiations with Congress on tax and spending issues and play a role in dealing with foreign governments and financial institutions, as well as overseeing the operations of the Treasury and sub-agencies such as Internal Revenue Service (IRS).

During Trump’s first term as president, Steven Mnuchin served as Treasury Secretary for the four-year term after he was confirmed by the Senate in a 53-47 vote a few weeks after Inauguration Day.

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Bessent previously taught at Yale University and worked at Soros Fund Management before founding Key Square Group. (Stefani Reynolds/Bloomberg via Getty Images/Getty Images)

Bessent also has to go through The Senate Confirmation Processwhich will be made easier by a 53-seat Republican majority after GOP candidates flipped four seats in this election.

The Senate Finance Committee will be responsible for holding a confirmation hearing on Bessent’s nomination and bringing it to the floor for a confirmation vote.

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Senate committees often hold confirmation hearings for nominees of a incoming presidential administration prior to Inauguration Day, which creates the possibility that the nominees can be confirmed on the day the new president takes office or shortly thereafter.