Trump selects hedge fund executive Scott Bessent to lead Treasury Department

President-elect Donald Trump has chosen Scott Bessent, a hedge fund executive, to lead the Treasury Department. This selection aims to balance Trump's populist agenda with Wall Street's interests, contrasting with some of his more unconventional cabinet picks. Bessent, known for his work at Soros Fund Management, is recognized as a leading currency expert. His appointment has been welcomed by Wall Street, which seeks stability amid concerns over Trump's proposed tariffs. Bessent will play a key role in addressing immediate economic challenges, including raising the debt ceiling, which is set to expire in January. He will also be involved in discussions about extending Trump's tax cuts and managing the national debt.