By Abiola Olawale
United States President-elect Donald Trump has put forth the nomination of Billionaire Investor and Hedge Fund strategist, Scott Bessent to assume the prestigious role of the US Secretary of the Treasury. Scott Bessent graduated from Yale university.
If confirmed by the Senate, Bessent, the 62 year old founder of Key Square Group, a global macro investment firm, will be saddled with the responsibility of leading the department that holds immense influence within the U.S. government, as it encompasses critical oversight of the nation’s tax policy, management of public debt, and regulation of international finance.
Trump made this announcement on Friday, adding that Bessent is expected to bring his leadership qualities and experience to complement his incoming administration.
The nomination of Bessent also means Trump’s top team is almost complete ahead of his return to the presidency in January.
“Scott is widely respected as one of the World’s foremost International Investors and Geopolitical and Economic Strategists,” Trump said in his announcement on Truth Social.
“[He] has long been a strong advocate of the America First Agenda,” he said, adding that Bessent would “support my Policies that will drive US Competitiveness, and stop unfair Trade imbalances.”
The New Diplomat reports that if confirmed to the role, Bessent would also be the first openly LGBTQ Senate-confirmed cabinet member in a Republican administration. His husband is John Freeman, a former New York City Presecutor. Though there is Pete Buttigieg who is openly gay and current Secretary of Transportation under Joe Biden, he is a democrat.
In 2020, Trump named Richard Grenell, who is openly gay, acting director of national intelligence. However, the role was not subject to Senate confirmation.
Bessent, who previously supported Democrats, is now a passionate advocate for Trump. He strongly supports reducing expenditures while continuing the tax cuts enacted during Trump’s initial term.
Bessent has publicly expressed his desire to prolong the tax cuts implemented in Trump’s first term.
He has also advocated for the use of import tariffs, which are among the more debated aspects of the President-elect’s campaign agenda, describing them as a “valuable negotiating tool.”
On the campaign trail, Bessent told voters that Trump would usher in a “new golden age with de-regulation, low-cost energy, [and] low taxes”.
