Trump names hedge fund investor Scott Bessent as treasury secretary pick

Washington, Nov 22 : President-elect Donald Trump has announced the name of Scott Bessent, a hedge fund investor, as his nominee for treasury secretary, one of the most important positions in his cabinet to deliver on his campaign promise of ushering in the golden age of the US.

“I am most pleased to nominate Scott Bessent to serve as the 79th Secretary of the Treasury of the United States,” Trump said in an announcement on Friday.

“Scott 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 new Golden Age for the United States, as we fortify our position as the world’s leading economy, center of innovation and entrepreneurialism, destination for capital, while always, and without question, maintaining the US Dollar as the reserve currency of the world. Unlike in past administrations, we will ensure that no Americans will be left behind in the next and greatest economic boom, and Scott will lead that effort for me, and the great people of the United States of America,” said Tump.

“As a lifelong champion of main street America and American industry, Scott will support my policies that will drive US competitiveness, and stop unfair trade imbalances, and work to create an economy that places growth at the forefront, especially through our coming world energy dominance,” he added.

Bessent’s Indian counterpart will be Finance Minister Nirmala Sitharaman as per tradition although their roles in their respective governments are very different.

Bessent is the Founder and CEO of Key Square Group, a hedge fund. “Through his family office, Bessent controls a number of diversified operating businesses in industries including Agriculture, Hospitality, publishing, and real estate, " the Trump transition team said in the announcement. “He has been in the investment management business for over 35 years.”

The announcement added, “Bessent has been involved in some (of) the largest and most profitable trades in hedge fund history, including shorting the British pound and the Japanese yen, the Argentine debt reorganization, and MF global Italian bonds liquidation.”