Scott Bessent nominated as treasury secretary by Donald Trump

Scott Bessent has been nominated by President-elect Donald Trump to be the next treasury secretary. Bessent, a former Democratic donor and money manager, supports deficit reduction and extending tax cuts from Trump's first term. Bessent previously worked for George Soros and has shifted his political support to Trump. He advocates for spending cuts to offset the costs of tax extensions, emphasizing the need to address the national debt. If confirmed, Bessent would be the first openly gay treasury secretary and the first openly LGBTQ cabinet member confirmed by a Republican administration.