President-elect Donald J. Trump picked Scott Bessent to serve as Treasury secretary on Friday, tapping a billionaire hedge fund manager to lead an economic agenda that is expected to be built around raising tariffs and cutting taxes.
Mr. Bessent, the founder of the investment firm Key Square Capital Management, has emerged as a central economic adviser to Mr. Trump over the past year.
Unlike many on Wall Street, Mr. Bessent, 62, has also defended the use of tariffs, which are Mr. Trump’s favorite economic tool.
If confirmed by the Senate, Mr. Bessent would take over a department with vast responsibilities that is at the core of the federal government.
The Treasury Department issues debt to fund the government’s operations and pay its bills, including paying Social Security and veterans benefits.
Persons:
Donald J, Trump, Scott Bessent, Bessent, George Soros
Organizations:
Key, Capital Management, Democratic, Senate, Treasury, Social Security