Trump nominates Scott Bessent as treasury secretary, focusing on deficit reduction

President-elect Donald Trump has nominated Scott Bessent, a former money manager for George Soros, as his treasury secretary. Bessent, 62, is known for advocating deficit reduction. Bessent 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. Bessent has expressed concerns about the U.S. national debt and supports cutting government spending to address it.