Trump nominates Scott Bessent as Treasury Secretary

President-elect Donald Trump has nominated Scott Bessent, a key fundraiser for his campaign, to be the next Treasury Secretary. This appointment comes as Trump prepares to address economic challenges, including inflation and potential tax cuts. If confirmed by the Senate, Bessent will oversee fiscal policies and manage relationships with global finance ministers amid Trump's proposed tariffs. He will also interact with the Federal Reserve, which has faced pressure from Trump regarding interest rate decisions. Bessent's selection marks a shift from Trump's first-term Treasury Secretary, Steven Mnuchin, who served throughout the administration and played a key role in pandemic relief efforts. Mnuchin has indicated he will not return to a Cabinet position.