USA Trump nominates hedge fund manager as Treasury Secretary
US President-elect Donald Trump has nominated investor Scott Bessent as US Secretary of the Treasury.
23.11.2024, 01:20
SDA
Among other things, Bessent should address the imbalances in foreign trade and prioritize economic growth, Trump announced.
The 62-year-old Bessent is the founder of the Key Square Group hedge fund. He was previously Chief Investment Officer of George Soros' Soros Fund Management and is considered an expert in global macro investments.
Among other things, the next US Treasury Secretary will have to find a way to implement Trump's election campaign promises such as tax cuts and new import tariffs. Some economic experts had criticized that the plans would lead to higher prices for US consumers and put a strain on the US national budget. However, Bessent had defended the proposals in recent months. According to Trump, it is also intended to curb the growth of US national debt.
The job also entails global financial market responsibility, if only because the USA is the largest government bond market.
Trump confidant Howard Lutnick had also been in the running for the post of Secretary of the Treasury - and was supported by tech billionaire Elon Musk, among others. In the end, however, Trump nominated Lutnick for the post of Secretary of Commerce.
