Trump selects Scott Bessent as Treasury secretary after competitive search

President-elect Donald Trump will appoint Scott Bessent as Treasury secretary, concluding a competitive selection process. Bessent, a hedge fund founder, has publicly supported Trump's pro-tariff policies and was chosen after discussions with various candidates at Mar-a-Lago. Bessent's appointment follows a period of intense competition, including interest from other financiers like Kevin Warsh and Marc Rowan. Lutnick, initially a contender, will take the role of Commerce Secretary instead. Bessent has a background in macroeconomics and previously worked for George Soros. He has criticized the Biden administration's spending and aims to influence fiscal policy during Trump's upcoming term.