President-elect Donald Trump has nominated billionaire investor Scott Bessent as his treasury secretary. Bessent, a Yale graduate with a background at Soros Fund Management, is expected to help reset the global trade order, enable tax cuts, manage national debt, and maintain financial market confidence.
Despite Trump's confidence, the decision was cautious, reflecting the stakes after a presidential election influenced by high inflation.
The choice of Bessent, who supports Trump's economic policies, went against Elon Musk's preference for Howard Lutnick. Senate Finance Committee Chair Ron Wyden criticized the nomination, calling it a move to favor the ultra-wealthy.
Bessent's ideas for economic growth and deficit reduction caught Trump's attention, though some critics view him as weak on tariffs.
