Trump Nominates Scott Bessent as Treasury Secretary

President-elect Donald Trump has nominated Scott Bessent, a former George Soros money manager and advocate for deficit reduction, as his pick for treasury secretary. If confirmed, Bessent would become the nation's first openly gay treasury secretary, focusing on reducing national debt by slashing government spending.

President-elect Donald Trump announced on Friday his intention to nominate Scott Bessent as the next treasury secretary. Bessent, previously a money manager for George Soros, is known for advocating deficit reduction.

If confirmed by the Senate, Bessent will make history as the first openly gay treasury secretary in the United States. Trump's announcement also included his choice of Russel Vought for the Office of Management and Budget; Vought previously held this position during Trump's initial presidency.

Bessent, aged 62, founded the hedge fund Key Square Capital Management and has been affiliated with Soros Fund Management since 1991. He has expressed a commitment to reducing national debt through cuts in government spending, aligning with Donald Trump's vision for addressing fiscal challenges.

(With inputs from agencies.)