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 is known for advocating deficit reduction and founded Key Square Capital Management. Trump also plans to nominate Russel Vought to lead the Office of Management and Budget, a role Vought previously held. If confirmed, Bessent would be the first openly gay treasury secretary in U.S. history. Bessent has expressed a focus on reducing the national debt, suggesting cuts to government programs and spending. He joined Trump's campaign to address these financial concerns.