Trump nominates Scott Bessent, former Soros manager, for U.S. Treasury Secretary

Donald Trump has nominated Scott Bessent, a former money manager for George Soros, to be the next U.S. Treasury Secretary. Bessent, 62, is known for advocating deficit reduction and founded Key Square Capital Management. If confirmed, Bessent would be the first openly gay treasury secretary. He aims to address the U.S. national debt, which currently stands at $35.94 trillion, by cutting government spending. Bessent has previously supported extending tax cuts from the 2017 Tax Cuts and Jobs Act, despite his focus on reducing the national debt. He has a history of political donations, initially backing Democratic causes before aligning with Trump.