Scott Bessent Nominated as Treasury Secretary

President-elect Donald Trump has nominated Scott Bessent, founder of Key Square Capital Management and former economic adviser to Trump’s campaign, as the new U.S. Treasury Secretary. Bessent, who has a strong background in hedge fund management and is a proponent of deficit reduction, will face the challenge of managing a national debt exceeding $36 trillion while supporting Trump's aggressive tariff policies. His selection follows a competitive nomination process where he emerged as a key figure after other candidates withdrew. Bessent has expressed views on less aggressive tariffs and tax reforms to bolster economic growth. Trump praised Bessent, stating he will help usher in a new 'Golden Age' for the U.S. economy. If confirmed, Bessent would be the first openly gay Treasury Secretary in U.S. history.