Trump appoints hedge fund manager Scott Bessent as Treasury Secretary
Bessent advocates for cutting regulations, lowering the deficit, and boosting energy production in the U.S.
TroibNews 
President-elect Donald Trump has announced his intention to nominate Scott Bessent as his Treasury secretary, placing the hedge fund manager and significant campaign fundraiser in a prominent economic position within his administration.
Bessent, one of Trump’s strongest allies on Wall Street, has become a critical economic adviser during Trump’s political resurgence over the past year. Since 2016, he has managed his own hedge fund and frequently attended campaign events, where Trump highlighted his policy proposals.
If the Senate confirms Bessent—who lacks government experience—he will be in a key position to advance Trump’s ambitious economic initiatives in Congress. This includes anticipated discussions on extending the 2017 Republican tax cuts. The president has vowed to implement universal tariffs, cut spending, and eliminate many regulations established during the Biden administration.
Trump commended Bessent, 62, as a “widely respected” investor and economic strategist in a statement. “Scott will support my Policies that will drive U.S. Competitiveness, and stop unfair Trade imbalances, work to create an Economy that places Growth at the forefront, especially through our coming World Energy Dominance,” he stated, emphasizing his goal to “Make America Rich Again.”
Trump’s circle had expected him to appoint a financier for the Treasury position, and Bessent’s Wall Street background aligns with the president-elect's preferences. Trump has referred to the founder of the Key Square Group investment firm as “one of the most brilliant men on Wall Street” and noted his favorable appearance.
“He’s a nice-looking guy, too!” Trump remarked during a rally in North Carolina this summer, where he introduced Bessent.
Despite his connections to George Soros, a prominent Democratic financier often criticized by conservatives, Bessent has successfully networked with many of Trump’s loyal supporters.
Roger Stone, a veteran conservative strategist and early supporter of Trump, endorsed Bessent for the Treasury nomination on his radio show, praising him as a “brilliant man” whom Trump holds in “the highest possible regard.”
Bessent has strategically engaged with the populist faction of the Trump-aligned GOP, appearing on Steve Bannon’s show. “I’m a Wall Street guy who loves Main Street, and Main Street has to drive this Trump boom,” he stated.
A regular advocate for Trump’s economic strategy in the media, Bessent argues that key aspects of Trump’s agenda may not be as inflationary as some economists predict. He stated in a CNBC interview that deregulation and reduced energy costs under Trump would help mitigate inflation and suggested that any new tariffs should be “layered in gradually” to minimize their impact on prices.
Nonetheless, he is not as widely recognized in Washington as other candidates considered for Treasury, such as former SEC Chair Jay Clayton and former U.S. Trade Representative Robert Lighthizer. Additionally, Bessent surpassed several billionaire investors, including Cantor Fitzgerald CEO Howard Lutnick, who was chosen to lead the Commerce Department; Marc Rowan, CEO of Apollo Global Management; and hedge fund manager John Paulson, who withdrew from the selection process due to his “complex financial obligations.”
Other potential candidates included Kevin Warsh, a former Federal Reserve governor, and Sen. Bill Hagerty of Tennessee.
If appointed, Bessent would become one of the first openly gay Cabinet members, living in South Carolina with his husband and having two children, as well as the first Treasury secretary from the LGBTQ+ community.
During the campaign, Bessent consistently called for fewer regulations, reducing the deficit, and boosting domestic energy production. He advised against addressing entitlements like Medicare and Social Security in a second Trump administration, instead advocating for immediate measures to freeze discretionary, non-defense spending. He labeled Trump’s proposals for across-the-board tariffs as a “maximalist negotiating position.”
However, Bessent's nomination could indicate looming tensions regarding the Federal Reserve's independence within the upcoming administration. After criticizing the Fed for cutting interest rates shortly before the election, he previously suggested that Trump consider appointing a “shadow Fed chair” to bypass Jerome Powell before his term ends in 2026, a proposal he later retracted in comments to The Wall Street Journal.
Bessent's background as a seasoned investor will likely influence his approach to the Treasury amid a slowing global economy and rising concerns about the dollar's status as the world’s primary reserve currency.
During his tenure at Soros’ hedge fund, he played an integral role in the legendary decision to short the British pound, which earned over $1 billion. He later served as the chief investment officer for Soros’ family office, where he achieved another significant financial win by shorting the Japanese yen.
In his discussion with Bannon, Bessent emphasized the need for a “big push in bank deregulation” in the new administration. “We've got to get a lot of the lending back into the banking system, and let our banks lend,” he asserted, noting that banks have “plenty of liquidity” but face regulatory constraints.
An advocate for cryptocurrencies, Bessent would be positioned to realize Trump’s commitment to adopt a more favorable stance towards the industry, which has supported Trump and other pro-crypto candidates financially. “Crypto is about freedom and the crypto economy is here to stay,” he declared in a July interview with Fox Business.
Bessent's nomination drew support from both Republican figures and key Wall Street personalities.
“Scott Bessent is an outstanding pick for Treasury Secretary,” stated billionaire investor John Paulson. “He has the market experience and financial acumen to successfully implement President Trump's economic agenda.”
Sen. Mike Crapo, the leading Republican on the Senate Finance Committee, expressed that Bessent’s extensive private sector experience positions him well for the role and indicated that the committee would act to “swiftly” review his nomination.
In contrast, Sen. Ron Wyden, the Finance Committee chair, criticized the decision to appoint a hedge fund manager to lead Treasury.
“Donald Trump pretends to be an economic populist, but it wouldn’t be a Trump Treasury Department without a rich political donor running the show,” Wyden stated.
Progressive organizations critical of Wall Street also reacted negatively to the nomination. Accountable.US Executive Director Tony Carrk opined that Trump’s choice of Bessent demonstrates a preference for maintaining a “rigged system that only works for big corporations and the very wealthy."
Allen M Lee contributed to this report for TROIB News
Bessent, one of Trump’s strongest allies on Wall Street, has become a critical economic adviser during Trump’s political resurgence over the past year. Since 2016, he has managed his own hedge fund and frequently attended campaign events, where Trump highlighted his policy proposals.
If the Senate confirms Bessent—who lacks government experience—he will be in a key position to advance Trump’s ambitious economic initiatives in Congress. This includes anticipated discussions on extending the 2017 Republican tax cuts. The president has vowed to implement universal tariffs, cut spending, and eliminate many regulations established during the Biden administration.
Trump commended Bessent, 62, as a “widely respected” investor and economic strategist in a statement. “Scott will support my Policies that will drive U.S. Competitiveness, and stop unfair Trade imbalances, work to create an Economy that places Growth at the forefront, especially through our coming World Energy Dominance,” he stated, emphasizing his goal to “Make America Rich Again.”
Trump’s circle had expected him to appoint a financier for the Treasury position, and Bessent’s Wall Street background aligns with the president-elect's preferences. Trump has referred to the founder of the Key Square Group investment firm as “one of the most brilliant men on Wall Street” and noted his favorable appearance.
“He’s a nice-looking guy, too!” Trump remarked during a rally in North Carolina this summer, where he introduced Bessent.
Despite his connections to George Soros, a prominent Democratic financier often criticized by conservatives, Bessent has successfully networked with many of Trump’s loyal supporters.
Roger Stone, a veteran conservative strategist and early supporter of Trump, endorsed Bessent for the Treasury nomination on his radio show, praising him as a “brilliant man” whom Trump holds in “the highest possible regard.”
Bessent has strategically engaged with the populist faction of the Trump-aligned GOP, appearing on Steve Bannon’s show. “I’m a Wall Street guy who loves Main Street, and Main Street has to drive this Trump boom,” he stated.
A regular advocate for Trump’s economic strategy in the media, Bessent argues that key aspects of Trump’s agenda may not be as inflationary as some economists predict. He stated in a CNBC interview that deregulation and reduced energy costs under Trump would help mitigate inflation and suggested that any new tariffs should be “layered in gradually” to minimize their impact on prices.
Nonetheless, he is not as widely recognized in Washington as other candidates considered for Treasury, such as former SEC Chair Jay Clayton and former U.S. Trade Representative Robert Lighthizer. Additionally, Bessent surpassed several billionaire investors, including Cantor Fitzgerald CEO Howard Lutnick, who was chosen to lead the Commerce Department; Marc Rowan, CEO of Apollo Global Management; and hedge fund manager John Paulson, who withdrew from the selection process due to his “complex financial obligations.”
Other potential candidates included Kevin Warsh, a former Federal Reserve governor, and Sen. Bill Hagerty of Tennessee.
If appointed, Bessent would become one of the first openly gay Cabinet members, living in South Carolina with his husband and having two children, as well as the first Treasury secretary from the LGBTQ+ community.
During the campaign, Bessent consistently called for fewer regulations, reducing the deficit, and boosting domestic energy production. He advised against addressing entitlements like Medicare and Social Security in a second Trump administration, instead advocating for immediate measures to freeze discretionary, non-defense spending. He labeled Trump’s proposals for across-the-board tariffs as a “maximalist negotiating position.”
However, Bessent's nomination could indicate looming tensions regarding the Federal Reserve's independence within the upcoming administration. After criticizing the Fed for cutting interest rates shortly before the election, he previously suggested that Trump consider appointing a “shadow Fed chair” to bypass Jerome Powell before his term ends in 2026, a proposal he later retracted in comments to The Wall Street Journal.
Bessent's background as a seasoned investor will likely influence his approach to the Treasury amid a slowing global economy and rising concerns about the dollar's status as the world’s primary reserve currency.
During his tenure at Soros’ hedge fund, he played an integral role in the legendary decision to short the British pound, which earned over $1 billion. He later served as the chief investment officer for Soros’ family office, where he achieved another significant financial win by shorting the Japanese yen.
In his discussion with Bannon, Bessent emphasized the need for a “big push in bank deregulation” in the new administration. “We've got to get a lot of the lending back into the banking system, and let our banks lend,” he asserted, noting that banks have “plenty of liquidity” but face regulatory constraints.
An advocate for cryptocurrencies, Bessent would be positioned to realize Trump’s commitment to adopt a more favorable stance towards the industry, which has supported Trump and other pro-crypto candidates financially. “Crypto is about freedom and the crypto economy is here to stay,” he declared in a July interview with Fox Business.
Bessent's nomination drew support from both Republican figures and key Wall Street personalities.
“Scott Bessent is an outstanding pick for Treasury Secretary,” stated billionaire investor John Paulson. “He has the market experience and financial acumen to successfully implement President Trump's economic agenda.”
Sen. Mike Crapo, the leading Republican on the Senate Finance Committee, expressed that Bessent’s extensive private sector experience positions him well for the role and indicated that the committee would act to “swiftly” review his nomination.
In contrast, Sen. Ron Wyden, the Finance Committee chair, criticized the decision to appoint a hedge fund manager to lead Treasury.
“Donald Trump pretends to be an economic populist, but it wouldn’t be a Trump Treasury Department without a rich political donor running the show,” Wyden stated.
Progressive organizations critical of Wall Street also reacted negatively to the nomination. Accountable.US Executive Director Tony Carrk opined that Trump’s choice of Bessent demonstrates a preference for maintaining a “rigged system that only works for big corporations and the very wealthy."
Allen M Lee contributed to this report for TROIB News
