Donald Trump chooses hedge fund executive Scott Bessent for Treasury secretary

President-elect Donald Trump signaled Friday his intention to nominate hedge fund executive Scott Bessent as his Treasury secretary, in a move that puts a seasoned market pro and a close Trump loyalist in a critical economic position.

The founder of Key Square Group had been considered a strong favorite for the position along with a few other close contenders including former Fed Governor Kevin Warsh and private equity executive Marc Rowan.

As head of Treasury, Bessent, 62, will be both the U.S. fiscal watchdog as well as a key official to help Trump enact his ambitious economic agenda. Both a Wall Street heavyweight and advocate for many of the incoming president's economic goals, he would come to office at a critical time as the U.S. wrestles with a growing economy alongside long-festering debt and deficit issues.

Trump in a statement called the prospective nominee "one of the World's foremost International Investors and Geopolitical and Economic Strategists. Scott's story is that of the American Dream."

Like Trump, Bessent favors gradual tariffs and deregulation to push American business and control inflation. In addition, he has advocated for a revival in manufacturing as well as energy independence.

"If you're going to think about the market and think about what matters, the guy is brilliant," said a source familiar with Trump's thinking who spoke on condition of anonymity to talk frankly about the matter. "There aren't many people who know the market better than Bessent does."

The prospective nominee also has deep philanthropic ties through Yale University along with Rockefeller University and the Classical American Homes Preservation Trust.

One obstacle Bessent will have to overcome is his past affiliation with