Donald Trump nominates Scott Bessent for treasury secretary

US President-elect Donald Trump announced on Friday that he is nominating Scott Bessent to serve as his next treasury secretary.

The role is a key cabinet position with vast influence over economic, regulatory and international affairs.

“I am most pleased to nominate Scott Bessent to serve as the 79th Secretary of the Treasury of the United States,” Trump said on his Truth Social network.

“Scott is widely respected as one of the world’s foremost international investors and geopolitical and economic strategists.”

Trump also announced a slew of other picks for key roles in the new administration, spanning health, infrastructure and security. Russell Vought, one of the main architects of Project 2025, was nominated to return to his former role of White House budget director. 

Who is Scott Bessent?

Bessent, a Wall Street financier who once worked for George Soros, was an early backer of Trump‘s 2024 reelection bid.

Whilst on the campaign trial, he told voters backing Trump would mean see a “new golden age with de-regulation, low-cost energy, low taxes”.

He told Bloomberg in August that he joined Trump‘s campaign in order to help counter the mounting US national debt, which would include slashing government programs and other spending.

“This election cycle is the last chance for the US to grow our way out of this mountain of debt without becoming a sort of European-style socialist democracy,” he said at the time.

Shortly before the election in an interview with Fox News, Bessent said a top priority would be to ensure that tax cuts brought in during Trump‘s first time in office do not expire at the end of next year.

Before becoming a Trump donor and adviser, Bessent donated to various Democratic causes in the early 2000s, notably Al Gore’s presidential run. His former boss, Soros, is a major support of the Democrats.

If confirmed by the Senate, Bessent would be the nation’s first openly gay treasury secretary

Trump taps Project 2025 architect Russell Vought

Trump‘s further announcements on Friday saw Russell Vought nominated to take charge of the Office of Management and Budget, a position he held during Trump‘s first administration.

Since leaving office, the Republican hardliner played a key role in developing Project 2025 — a conservative blueprint for Trump‘s second term that the President-elect tried to distance himself from during the campaign.

On Trump‘s social media platform Truth social, he said Vought “knows exactly how to dismantle the deep state and end weaponized government.”

Other key positions announced

Trump also announced a slew of other selections for key positions. 

They include Congresswoman Lori Chavez-Deremer as labor secretary and NFL veteran Scott Turner as housing and urban development secretary.

The President-elect nominated family medicine doctor and Fox News contributor Janette Nesheiwat to be surgeon general.

“Dr. Nesheiwat is a fierce advocate and strong communicator for preventive medicine and public health,” Trump said.

Other health picks include Dave Weldon to direct the Centers for Disease Control and Prevention (CDC) and Martin Makary to head the Food and Drug Administration (FDA).

Trump also chose Sebastian Gorka to return to the White House as a senior director for counterterrorism, and State Department official Alex Wong for deputy national security adviser.

In his announcement, Trump said that Wong “helped negotiate my summit with North Korean leader, Kim Jong Un.”

zc/km (AP, AFP, Reuters)