US President-elect Donald Trump is expected to pick billionaire Scott Bessent as his Treasury secretary, media outlets reported Friday, 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 pledges to deal with the budget deficit.
The Wall Street Journal, CNN and The Washington Post reported the news, citing unnamed sources. Trump’s transition team did not issue an immediate statement.
Bessent’s nomination puts him at the forefront of rolling out Trump’s economic plan, with a hand in everything from seeing tax cuts through Congress to managing trade ties with countries like China.
The position carries influence over both domestic and international policy, and comes after Bessent served as an economic advisor to Trump.
With Trump promising sweeping tariffs on allies and adversaries alike, all eyes will be on how Bessent walks the line between supporting these efforts and fanning trade tensions that might roil the world economy.
The Treasury Department has oversight across a range of departments, from federal finances to bank supervision. The portfolio also oversees US sanctions and advising the president on economic issues.