Trump nominates Scott Bessent as U.S. Treasury Secretary

President-elect Donald Trump has nominated Scott Bessent as the new U.S. Treasury Secretary. Bessent, a well-known investor, will replace Janet Yellen in this influential role, which oversees the nation's economic policies and financial regulations. Bessent's nomination follows a period of consideration among various candidates. He has previously advised Trump on economic matters and is expected to focus on tax reform and deregulation, differing from Yellen's emphasis on climate change and international financial support for Ukraine. As Treasury Secretary, Bessent will manage the U.S. debt and financial sanctions policy. He faces challenges related to projected federal deficits and the potential impact of Trump's economic agenda on market stability.