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.

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 chose Scott Bessent to lead the Treasury Department late Friday evening. “I am most pleased to nominate Scott Bessent to serve as the 79th Secretary of the Treasury of the United States,