Trump appoints Hedge Fund Manager Scott Bessent as Treasury Chief
US President-elect Donald Trump has appointed billionaire hedge fund manager Scott Bessent as his Treasury Secretary. Bessent, the CEO of Key Square Group, has a strong track record as an international investor and economic strategist, and he will be tasked with executing Trump’s economic agenda, which includes tax cuts, tariffs, and addressing the US budget deficit.
Trump praised Bessent’s expertise, stating, “Scott is widely respected as one of the world’s foremost international investors and geopolitical and economic strategists.” He added that Bessent would play a crucial role in fortifying the US economy, reinvigorating the private sector, and curbing federal debt.
Bessent’s appointment places him at the center of Trump’s economic policy, including the implementation of tax reforms and managing relations with key trade partners like China. The Treasury Department, which oversees areas such as federal finances, bank supervision, and sanctions, will be pivotal in executing Trump’s vision.
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Bessent has previously voiced strong support for Trump’s stance on trade, calling tariffs “a negotiating tool” to ensure fair and reciprocal trade. His background includes serving as the chief investment officer for Soros Fund Management and founding his own hedge fund in 2015 with significant backing, including $2 billion from George Soros.
In addition to this announcement, Trump also nominated key figures for other administration positions, including Russell Vought for the Office of Management and Budget and Oregon congresswoman Lori Chavez-DeRemer as Secretary of Labour. Senate confirmation will be required for these nominations.
Written by Sakinat Musa Abubakar, Editor at Neptune Prime
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