Trump nominates Scott Bessent as Treasury Secretary and Russel Vought for budget chief

President-elect Donald Trump has nominated Scott Bessent as Treasury Secretary. Bessent, a former money manager for George Soros, is known for advocating deficit reduction. He is the founder of Key Square Capital Management. Trump also nominated Russel Vought to lead the Office of Management and Budget. Vought previously held this position during Trump's first term. If confirmed, Bessent would be the first openly gay Treasury Secretary in U.S. history. He has expressed a commitment to addressing the national debt through spending cuts.