Wall Street veteran picked for top Treasury job after dramatic selection process
Trump picks well-known investor Scott Bessent to lead US Treasury department after week-long selection drama. The 62-year-old finance expert won over other big-name candidates in final round
In a late-night social-media post Trump picked his new Treasury chief – Scott Bessent will take control of Americas financial future. The 62-year old south-carolina native brings decades of wall-street know-how to the role (having worked with big-shots like George Soros and Jim Chanos)
The selection wasnt a straight-forward process with many top-tier candidates in the mix:
- Marc Rowan from Apollo Global Management
- Former Fed Governor Kevin Warsh
- John Paulson‚ who later stepped away
- Howard Lutnick‚ now heading to Commerce Department
Bessent spent lots of time at mar-a-lago giving economic advice which likely helped seal the deal; his market-friendly approach could mean softer trade rules than expected. The soon-to-be Treasury boss has clear ideas about tax changes and bank rules – he wrote about it in wall street journal just last month
The new Treasury chief will manage a 28.6-trillion dollar debt market handle international money stuff and run the tax system. His job includes working with the fed chair till may-26‚ though Bessent had some different ideas about that which he dont push anymore
The next few years bring big tasks: dealing with growing debt managing Ukraine support (which might change under trump) and handling clean-energy programs – though the new administration might go different way on climate stuff. The market seems ok with this pick since Bessent knows his way around global finance and economic strategy
