President-elect Donald Trump announced the nomination of Scott Bessent, a former George Soros money manager and deficit reduction advocate, for Treasury Secretary. Bessent, 62, founded hedge fund Key Square Capital Management and worked for Soros Fund Management since 1991. If confirmed, he would be the first openly gay Treasury Secretary.
Bessent, a critic of rising national debt, told Bloomberg in August that he joined Trump’s campaign to address fiscal challenges, including cutting government programs and spending. “This election cycle is the last chance for the U.S. to grow our way out of this mountain of debt,” he said.
Trump also nominated Russel Vought to lead the Office of Management and Budget, a role he held during Trump’s first presidency.
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