Trump to appoint investor Scott Bessent as U.S. Treasury secretary

President-elect Donald Trump is set to appoint investor Scott Bessent as U.S. Treasury secretary, according to sources. Bessent was chosen from a list of candidates, including Marc Rowan and Kevin Warsh, and is expected to influence economic and regulatory policies. Bessent has previously advocated for tax reform and deregulation to boost lending and energy production. He will manage the U.S. Treasury's $28.6 trillion debt and oversee financial regulations, facing challenges related to projected federal deficits and economic support for Ukraine. Unlike current Treasury Secretary Janet Yellen, Bessent may shift focus away from climate change initiatives. He has also suggested creating a "shadow" Fed chair to influence Federal Reserve policy, although he later reconsidered this idea.