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

President-elect Donald Trump has nominated Scott Bessent as Treasury Secretary and Russel Vought as head of the Office of Management and Budget. Bessent, a former money manager for George Soros, supports deficit reduction. Bessent, 62, founded Key Square Capital Management and has worked with Soros Fund Management since 1991. If confirmed, he would be the first openly gay Treasury Secretary. Vought previously held the budget office position during Trump’s first term. Bessent aims to address the U.S. national debt by cutting government spending.