President-elect Donald Trump has announced his intention to nominate financial guru Scott Bessent as Treasury Secretary, naming the hedge fund manager as the administration's top economic official.
Bessent's extensive experience in global macroeconomics and financial markets, combined with his close relationship with Trump, signals a potentially unconventional approach to U.S. economic policy.
In an interview with Fox Business in July, he said he was excited about Trump embracing crypto and thought it fit well with the Republican Party, adding that crypto is about freedom and that the crypto economy is here to stay: “Cryptocurrencies are bringing in young people and people who haven’t participated in the markets.”
Bessent, 62, is the founder of Key Square Capital Management and previously served as chief investment officer at Soros Fund Management from 2011 to 2015. That connection to George Soros, a prominent donor to liberal causes, adds an intriguing dynamic to his appointment. Despite his ties to Soros, Bessent has been an outspoken supporter of Trump, actively fundraising for the president-elect and defending his policies in media interviews.
Bessent has publicly downplayed Trump’s aggressive trade rhetoric, particularly his threats to impose steep tariffs on imports. In a recent interview, Bessent dismissed concerns that such tariffs could fuel inflation, instead describing them as a negotiating tool.
“My general view is that at the end of the day Trump is a free trader,” Bessent said, echoing comments he made to the Financial Times.
Bessent, who has also been critical of the Fed, has suggested that the new administration should appoint a replacement for Fed Chair Jerome Powell before his term ends in 2026. He initially proposed a “shadow Fed chair” to signal continuity, but has since backed away from the idea, citing potential market disruptions.
As Treasury Secretary, Bessent will face immediate fiscal challenges, including expiring Trump-era tax cuts and navigating a volatile global economic environment.
*This is not investment advice.