Key Takeaways Scott Bessent, Donald Trump's pick for Treasury Secretary, was an economic advisor during his campaign and championed an agenda of tariffs, lower taxes, and deregulation.Bessent is a hedge fund manager who previously worked for liberal billionaire George Soros.

Hedge fund executive Scott Bessent survived an internal squabble over the role of Treasury secretary, a key position that will face almost immediate deadlines and pressures.

When Donald Trump announced Friday that hedge fund manager Scott Bessent was his pick for Treasury secretary, there was a massive sigh of relief from the markets, with the yield on the 10-year Treasury falling sharply (a sign that investors think Bessent will help keep inflation cool) and the stock market getting a little bump.

President-elect Trump selected billionaire investor Scott Bessent to lead the Treasury Department on Friday as the former president continues to call for an increase in tariffs and major shifts in the country’s global trade operations.

The hedge fund manager will be responsible for steering President-elect Donald J. Trump’s unconventional economic agenda.

Scott Bessent, the founder of the Connecticut-based hedge fund Key Square Group, had been making a full-court press for the post.

Bessent spent his career in finance and gives Wall Street an advocate for tax reform and deregulation. Some call his nomination a 'relief' and say it could reduce the chance of severe tariffs.

Wall Street analysts believe Bessent will encourage Trump to roll back his aggressive plans for imposing tariffs on imported goods.

US President-elect Donald Trump is expected to pick billionaire Scott Bessent as his Treasury secretary, media outlets reported Friday, choosing the hedge fund manager to help execute an agenda promising tax cuts and tariffs.

Now is one of the stronger times of the year for stocks. pic.twitter.com/Hh4kA7xx6V — Ryan Detrick, CMT (@RyanDetrick) November 26, 2024 The stock market rallied on Monday as investors reacted positively to President-elect Donald Trump’s nomination of Scott Bessent for Treasury Secretary.