Trump plans to nominate Scott Bessent as Treasury Secretary, source says

President-elect Donald Trump is expected to nominate Scott Bessent as Treasury Secretary. Bessent is the founder of Key Square Group, a hedge fund based in Connecticut, and has actively sought the position. Bessent, 62, has previously worked for George Soros and supports tariffs to boost revenue and protect U.S. industries. If confirmed, he would be the first openly gay Cabinet member in a Republican administration. Janet Yellen currently holds the Treasury Secretary position under President Biden. The nomination requires Senate confirmation.