Donald Trump has chosen hedge fund veteran Scott Bessent to serve as his Treasury Secretary, reports confirm. The decision ended a highly competitive search for the position, which saw numerous big names in the running. Tesla CEO Elon Musk had previously weighed in, offering his thoughts on the matter. Musk publicly endorsed Howard Lutnick as a candidate who could bring about necessary change, contrasting Lutnick’s approach with Bessent’s more traditional stance.
Trump taps Scott Bessent as treasury secretary
Bessent, founder of Key Square Group, has remained a vocal advocate for Trump’s economic policies, especially his pro-tariff stance. The 62-year-old’s appointment was confirmed after a meeting with Trump at Mar-a-Lago, CNN reports. “Scott will work alongside me to Make America Great Again for EVERY American. Congratulations to Scott, his wonderful wife, Robin, and his son, Solomon,” the President-elect said in a statement.
Also read: Who is Scott Bessent? Donald Trump’s pick for treasury secretary
“Would be interesting to hear more people weigh in on this for @realDonaldTrump to consider feedback,” X owner Musk earlier wrote on his social media handle discussing the cabinet pick.
“My view [for what it’s worth] is that [Scott] Bessent is a business-as-usual choice, whereas [Howard Lutnick] will actually enact change. Business-as-usual is driving America bankrupt, so we need change one way or another,” he added.
On the other hand, Trump praised Scott Bessent for his commitment to the “America First” agenda, expressing confidence that Bessent would help lead the country into a new economic era, positioning the U.S. as a global economic leader. In a statement to CNN, the incoming President said, “he will help me usher in a new Golden Age for the United States, as we fortify our position as the World’s leading Economy, Center of Innovation and Entrepreneurialism, Destination for Capital, while always, and without question, maintaining the U.S. Dollar as the Reserve Currency of the World.”
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Who is Scott Bessent?
Bessent, who advised Trump on economic policy during the campaign and founded Key Square Capital Management, is known for his successful bets against the British pound and Japanese yen. Scott Bessent, known for his role as a hedge fund executive and former chief investment officer at Soros Fund Management, was President-elect Trump’s top choice for Treasury Secretary.
Trump’s selection was influenced by Bessent’s success in the finance world and his support for the MAGA agenda after his time with George Soros. While Bessent ran a quieter campaign for the role compared to Howard Lutnick’s more aggressive push, he reportedly made a personal call to Elon Musk to garner support just before attending a UFC event with Trump.
Trump cabinet picks
Trump selected Oregon Rep. Lori Chavez-DeRemer as Secretary of Labor.
Russell Vought was named to lead the Office of Management and Budget
Dr. Dave Weldon, former congressman, will head the CDC.
Dr. Janette Nesheiwat was appointed Surgeon General.
Alex Wong is Trump’s pick for Principal Deputy National Security Adviser.
Sebastian Gorka will serve as Senior Director for Counterterrorism.
Dr. Marty Makary was chosen as FDA Commissioner.
Former NFL player Scott Turner was named to lead HUD.
