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 and economic strategist, will take over a key role overseeing the nation's economic policies and financial regulations. Bessent's selection follows a period of deliberation, during which other candidates were considered. He is expected to focus on tax reform and deregulation, differing from current Secretary Janet Yellen's emphasis on climate change and international financial support. As Treasury Secretary, Bessent will manage the U.S. debt and financial sanctions, while also navigating challenges related to federal deficits and economic growth. His approach may shift U.S. financial policy, particularly regarding support for Ukraine and energy production.