Scott Bessent Named U.S. Treasury Secretary

Donald Trump has nominated Scott Bessent as U.S. Treasury Secretary, focusing on tax reform and deregulation. Bessent, a financial veteran, played a pivotal role in supporting Trump's economic policies. The nomination followed an intense deliberation period with several high-profile contenders, highlighting Bessent's proximity and economic strategy acumen.

President-elect Donald Trump has nominated Scott Bessent as U.S. Treasury Secretary, ending speculation over who would fill this pivotal economic role. The appointment comes after a series of high-stakes deliberations, with Bessent's financial acumen sealing the decision.

Known for his advocacy of tax reform and deregulation, Bessent's experience includes working with financial icons George Soros and Jim Chanos, as well as running his own hedge fund. His appointment is expected to reassure markets and temper the likelihood of harsh tariffs.

Bessent will face significant challenges, notably managing the federal deficit amid proposed tax cuts. His role will include overseeing financial regulation, national security investment screenings, and international financial institutions. The appointment aligns with Trump's economic strategy, while potential divergences could arise with differing views on climate and international support policies.

(With inputs from agencies.)