Donald Trump, president-elect of the United States, defined a role of utmost importance for his future government: that of Secretary of the Treasury. The decision he had with his supporters about the appointment was in favor of Scott Bessent, a billionaire investor. However, the designation requires validation by the Senate, where the Republicans will have a majority.
Bessent is the founder of the macroinvestment firm Key Square Group, in the last election campaign he hosted a fundraising event for the Republican in South Carolina and Trump has described him in the past as one of the brightest minds on Wall Street . Now, he is the nominee to play a crucial role in overseeing a broad portfolio that will span international trade, taxes, financial regulation and U.S. sanctions.
“I am pleased to appoint Scott Bessent as the 79th Secretary of the Treasury of the United States. Scott is widely respected as one of the world’s leading international investors, geopolitical and economic strategists. Scott’s story is that of the American dream,” wrote Donald Trump on the social network Truth, a digital space that housed him when he was banned from Twitter, before Elon Musk bought it to turn it into X.
Bessent’s resume was attractive to Trump: he studied at Yale University, one of the most prestigious in North America, and later managed George Soros’s fortune, but he left the investor and philanthropist’s firm to set up his own fund. He is a native of South Carolina and is married to former New York prosecutor John Freeman, with whom he has two children. If elected, he would be the first official in a Republican cabinet who defined himself as openly gay.
And Trump continued in Truth, about Bessent’s appointment: “He has long been a strong advocate of the ‘America First’ agenda. On the eve of our great country’s 250th anniversary, he will help me usher in a “A new Golden Age for America, as we strengthen our position as the world’s leading economy, center of innovation and entrepreneurship, destination for capital, while always maintaining the US dollar as the world’s reserve currency.”
While lambasting the current administration and those before his first term to explain his appointment: “Unlike previous Administrations, we will ensure that no American is left behind in the next, greatest economic boom, and Scott will lead that effort for me and for the great people of the United States,” Trump said.
The election of this candidate awaiting parliamentary validation overlapped that of Howard Lutnick, the candidate proposed by Elon Musk. Lutnick is co-chairman of the Trump transition operation and has been helping to propose candidates for key positions, including the Treasury Department. However, Trump has entrusted another position to Lutnick, which is secretary of commerce, another key area.
Bessent will inherit the helm of the Treasury from Janet Yellen, who served in that role throughout Joe Biden’s administration. She, who is defined as methodical and who is also the former president of the Federal Reserve, was the first woman to hold the position.
The United States Department of the Treasury has important functions regarding the fiscal and financial policy of the government. It is in charge of collecting taxes, monetary issuance, as well as public debt securities. At the same time, the institution stands as the country’s representative in numerous international organizations, such as the International Monetary Fund (IMF), the World Bank or the Inter-American Development Bank (IDB).
Other tasks of the Treasury lie in advising the Executive Branch on economic policy, although key decision-making regarding fiscal policy falls within the Congress, just as those regarding monetary policy do so in the Federal Reserve. However, the Treasury’s advice is important for the design of tariff policy or for designing financial regulations.