Trump nominates Scott Bessent as Treasury Secretary to lead economic strategy

Donald Trump has nominated Scott Bessent as Treasury Secretary, concluding a period of speculation about the position. Bessent, a seasoned Wall Street investor and former advisor to Trump’s campaign, will succeed Janet Yellen if confirmed by the Senate in January. Bessent, 62, is known for his expertise in international finance and economic strategy. He previously worked for George Soros and founded Key Square Group. His nomination follows Trump’s recent appointments of Howard Lutnick as Commerce Secretary and Kevin Warsh as a candidate for the Federal Reserve. Bessent will face immediate challenges, including addressing the national debt ceiling and extending the Trump-era tax cuts. He is expected to support Trump's trade policies while managing economic stability and has expressed interest in cryptocurrency as part of the administration's agenda.