President-elect Donald Trump picked billionaire hedge fund manager Scott Bessent as his choice for the secretary of the United States Treasury.

The Treasury Secretary is a high-level Cabinet position charged with advising the president on matters related to financial, economic and tax policy.

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

President-elect Donald Trump has nominated Scott Bessent, a hedge fund manager and his longtime economic advisor, for the position of Treasury Secretary. If confirmed, Bessent, who is married to former New York City prosecutor John Freeman,

Bessent has been a major donor to Trump, giving $1 million to the Republican candidate for his 2016 inauguration.

President-elect Trump on Friday named billionaire investor Scott Bessent to be his Treasury secretary. Bessent would be the key leader of the president-elect’s economic team, which will be tasked with imposing an aggressive tariff regime meant to shake up global trade while keeping financial markets calm amid the disruption.

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.

Scott Bessent has been tapped for the role of the highest-ranking US economic official, tasked with steering the world's largest economy through key challenges such as the debt ceiling and expiring tax provisions.