Donald Trump has tapped into hedge fund expertise to advance his agenda, focusing on tax cuts and reducing tariffs.
Washington —
President-elect Donald Trump has named billionaire investor Scott Bessent as Treasury Secretary, according to multiple reports from U.S. media on Friday, November 22. The decision signals Trump’s strategic move to leverage Bessent’s financial prowess in implementing an ambitious economic strategy centered on substantial tax reductions and easing trade tariffs.
Bessent, CEO of Key Square Group, has been a vocal proponent of policies such as extending tax reforms initiated during Trump’s earlier presidency, bolstering American energy independence, and addressing the mounting federal budget deficit.
In a statement released on Truth Social, Trump praised Bessent’s extensive expertise in global investing, economics, and geopolitics. He expressed confidence in Bessent’s ability to guide the United States toward “a new Golden Age,” enhancing its position in the global economy while invigorating the private sector domestically and tackling the national debt.
The announcement of Bessent’s appointment, among the most high-profile of Friday evening, capped a politically dynamic week. In his new role, Bessent will lead the charge on Trump’s economic priorities, including steering tax legislation through Congress and managing pivotal trade negotiations with key nations such as China.