Trump nominates hedge-fund investor Scott Bessent as treasury secretary

Washington: President-elect Donald Trump has nominated Scott Bessent, a prominent hedge fund investor and founder of Key Square Group, as the next Secretary of the Treasury. The appointment, announced on Friday, positions Bessent to spearhead efforts to achieve Trump's economic vision as the United States approaches its 250th anniversary.

Announcing the nomination, Trump described Bessent as a strong proponent of the America First agenda and expressed confidence in his ability to lead the country into a "New Golden Age." He highlighted Bessent's role in strengthening the U.S. economy, fostering innovation, attracting capital, and ensuring the U.S. dollar remains the global reserve currency.

Trump emphasized that Bessent’s leadership would prioritize economic growth, address trade imbalances, and create a competitive economy. He also outlined plans to focus on U.S. energy dominance, saying these efforts would ensure no American is left behind in the nation's next economic boom.

Bessent, a veteran of the investment management industry with over 35 years of experience, is known for his involvement in some of the most significant and profitable trades in hedge fund history, including shorting the British pound and Japanese yen, as well as navigating the Argentine debt reorganization and MF Global's Italian bonds liquidation.

The Trump transition team described Bessent as a multifaceted business leader with interests spanning agriculture, hospitality, publishing, and real estate. His Indian counterpart will be Finance Minister Nirmala Sitharaman, although the roles differ significantly in scope and responsibilities.

With IANS inputs