From the Liveblog of
Saturday, November 23, 2024
Trump names hedge fund manager Scott Bessent as his nominee to head US Treasury
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WASHINGTON — US President-elect Donald Trump names billionaire Scott Bessent as his Treasury secretary, choosing the hedge fund manager to help execute an agenda promising tax cuts and tariffs.
Bessent, who is chief executive officer of Key Square Group, has called for an extension of tax cuts from Trump’s first term, wants to reassert American energy dominance, and believes it is necessary to deal with the budget deficit.
“Scott is widely respected as one of the world’s foremost international investors and geopolitical and economic strategists,” Trump says in a statement.
“He will help me usher in a new Golden Age for the United States, as we fortify our position as the world’s leading economy,” he says, adding Bessent will also help “reinvigorate the private sector, and help curb the unsustainable path of federal debt.”
The nomination of Bessent — who recently served as an economic advisor to Trump — will put him at the forefront of rolling out the president-elect’s economic plan, from seeing tax cuts through Congress to managing ties with countries like China.
The position carries influence over both domestic and international policy.
Bessent, who is from South Carolina, attended Yale University and served as chief investment officer of Soros Fund Management, the macroeconomic investment firm of billionaire George Soros.
In 2015, he raised capital, including $2 billion from Soros, to start his own hedge fund.
The Times of Israel Community.