Trump names billionaire Scott Bessent as Treasury secretary

President-elect Donald Trump has appointed billionaire investor Scott Bessent as Treasury secretary. Bessent, founder of Key Square Capital Management, will oversee Trump's plans to cut taxes and raise tariffs. Bessent, a former associate of George Soros, has supported Trump's campaign with over $3 million. He advocates for deregulation and increased domestic energy production. Trump's announcement follows a series of cabinet appointments, including Russell Vought for the Office of Management and Budget and Lori Chavez-DeRemer as labor secretary. Other nominees include Howard Lutnick for commerce secretary and Dr. Marty Makary for the FDA.