OAN Staff Sophia Flores
5:39 PM – Friday, November 22, 2024
47th President-elect Donald Trump has nominated Scott Bessent to take on the role of Treasury Secretary in his incoming administration.
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On Friday, Trump announced that he will nominate the billionaire hedge-fund investor to head one the most crucial positions in his Cabinet.
Trump’s primary economic and fiscal policy advisor would be the Treasury Secretary, who serves as the federal government’s chief financial officer. Among other organizations, the Treasury Department is in charge of the Internal Revenue Service and the U.S. Mint.
The 62-year-old nominee founded and currently runs Key Square Group, a macro hedge fund company. He founded the highly successful company in 2015.
Bessent has been a Trump loyalist from the start. In 2016, Bessent reportedly received flack for telling colleagues and other business executives that they should take Trump more seriously as a candidate. Soon after, Trump was elected as president that year, which prompted Bessent to donate $1 million to the inaugural committee.
In the 2024 election cycle, Bessent also donated over $3 million to Republican committees and to Trump-aligned PACs.
Additionally, he helped Trump write speeches and assisted him in creating policy proposals for economic ideals that he later used in his campaign.
One of the main policies that he advised Trump on was a “3-3-3 policy.” The policy focused on “cutting the budget deficit to 3% of gross domestic product by 2028, spurring GDP growth of 3% through deregulation, and producing an additional 3 million barrels of oil or its equivalent a day.”
The president-elect has referred to the investor as “one of the most brilliant men on Wall Street,” and as a “nice-looking guy.”
Bessent lives in Charleston, South Carolina, with his husband and their two children.
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