Trump appoints Scott Bessent as Treasury Secretary, rejecting Musk's candidate

Donald Trump has appointed Scott Bessent as his Treasury Secretary, favoring Bessent's traditional economic views over Elon Musk's preferred candidate, Howard Lutnick, who advocates for transformative change. Bessent is known for his support of Trump's economic policies. Bessent, a hedge fund veteran and founder of Key Square Group, has previously advised Trump on economic matters. His appointment follows a competitive selection process and was confirmed after a meeting with Trump at Mar-a-Lago. In addition to Bessent, Trump has made several other cabinet appointments, including Lori Chavez-DeRemer as Secretary of Labor and Russell Vought to lead the Office of Management and Budget.