- Donald Trump’s transition team is preparing to announce that he has selected Scott Bessent, who runs macro hedge fund Key Square Group, as the next US Treasury secretary.
- The announcement is expected to be made as soon as Friday, according to people familiar with the matter.
- A press release is being prepared for the announcement.
Donald Trump’s transition team is preparing to announce Scott Bessent as the next US Treasury Secretary, according to people familiar with the matter. The announcement is expected as soon as Friday.
Bessent’s Background
Bessent runs the macro hedge fund Key Square Group. As Treasury Secretary, he would bring Wall Street experience to the administration’s highest economic role. The position gives him sway over policies related to China, the US dollar, and the Federal Reserve.
Reactions
The impending announcement comes after a week of speculation over who Trump would name. Bessent emerged as the front-runner after meeting with the President-elect earlier this month. His selection reflects Trump’s comfort with Wall Street executives holding key posts. It also bucks the recent trend of academics and policy experts serving as Treasury Secretary.
Policy Priorities
As Treasury Secretary, Bessent would oversee a department with wide-ranging responsibilities. He would likely focus on tax reform and rolling back financial regulations. Geopolitical issues like trade policy and sanctions against China and Russia would also fall under his purview.
Conclusion
The Treasury Secretary wields tremendous influence over the US and global economy. Bessent’s experience in finance gives him useful private sector perspective. But he enters the role without previous government experience. His ability to navigate Washington politics will prove crucial. The policy direction he sets will shape Trump’s economic legacy.
