Summarize this content to 2000 words in 6 paragraphs President-elect Donald Trump is selecting hedge fund CEO Scott Bessent to be Treasury secretary, he announced Friday. In a statement, Trump said he was “most pleased to nominate” Bessent, describing him as “widely respected as one of the world’s foremost international investors and geopolitical and economic Strategists.”He said that that Scott “will support” policies that “drive U.S. competitiveness, and stop unfair trade imbalances.”
The founder of Connecticut-based hedge fund Key Square Group, 62-year-old Bessent had been making a full-court press for the post to Trump, according to a source deeply involved in transition planning. Trump has previously called Bessent a “nice-looking guy” and “one of the most brilliant men on Wall Street.” Bessent joked on Fox News that he’s in “violent agreement” with Trump on that.
Scott Bessent, founder and chief executive officer of Key Square Group
Vincent Alban/Bloomberg via Getty Images
The Treasury’s mission is to maintain a strong economy and promote economic conditions that both enable growth and stability for the U.S. The department is also charged with managing U.S. finances and combating threats to national security by protecting the financial system’s integrity.
Bessent, like Trump, advocates tariffs, viewing them as a way to raise revenue and protect American industries. He previously worked for conservative foil George Soros for nearly a decade in the 1990s, and at one point was the executive director of Soros’ hedge fund. Bessent is also openly gay, and he and his husband, former New York City prosecutor John Freeman, have two children. If confirmed, Bessent would be the first Senate-confirmed gay Cabinet member of a Republican administration. Ric Grenell was acting director of national intelligence under Trump, but the Senate never confirmed him. A native of South Carolina, Bessent is a graduate of Yale University.
Treasury secretary is a Senate-confirmed position. Janet Yellen is the current treasury secretary under President Biden.
More from CBS News
Kathryn Watson
Kathryn Watson is a politics reporter for CBS News Digital, based in Washington, D.C.
