Trump nominates Bessent for Treasury secretary and Vought for budget chief

President-elect Donald Trump has nominated Scott Bessent as Treasury Secretary and Russel Vought to lead the Office of Management and Budget. Bessent, a hedge fund manager focused on reducing the national debt, would be the first openly gay Treasury Secretary if confirmed. Bessent has previously worked for Soros Fund Management and supports extending tax cuts from 2017. Vought, who held the same budget position during Trump's first term, has proposed significant spending cuts and tax reductions, aiming to bring the budget into surplus by 2032. These nominations mark a shift in Trump's administration, emphasizing financial expertise and a commitment to conservative fiscal policies. Both nominees have strong ties to Wall Street and conservative movements, reflecting Trump's focus on economic issues.