Trump plans to appoint Scott Bessent as U.S. Treasury Secretary

President-elect Donald Trump is expected to appoint Scott Bessent as U.S. Treasury Secretary. Bessent, a prominent investor, was chosen from a list of candidates that included notable figures from the finance sector. Bessent has advocated for tax reform and deregulation. He will manage significant economic responsibilities, including overseeing the national debt and financial regulations, while also addressing challenges related to federal deficits and economic support for Ukraine. Bessent's approach may differ from that of current Secretary Janet Yellen, particularly regarding climate change policies and U.S. financial support for Ukraine. He has also suggested the idea of a "shadow" Federal Reserve chair, though he later reconsidered this proposal.