President-elect Trump nominated Scott Bessent to serve as Treasury secretary once he returns to the White House in January.

In a statement Friday, Trump emphasized Bessent’s expertise.

“I am very pleased to nominate Scott Bessent as the 79th United States Secretary of the Treasury,” he said. “Scott is widely respected as one of the world’s foremost international investors and geopolitical and economic strategists. Scott’s story is that of the American Dream.”

Trump said Bessent will help achieve the “Golden Age for the United States,” and said he will focus on improving the economy and preserving the dollar.

“Scott has long been a strong supporter of the America First Agenda. On the eve of our Great Country’s 250th anniversary, he will help me usher in a new Golden Age for the United States as we strengthen our position as the world’s leading economy. Center for Innovation and Entrepreneurship, Destination for Capital, while the US dollar always and without question maintains the reserve currency of the world,” he said. “Unlike previous administrations, we will ensure that no Americans are left behind during the next and greatest economic boom, and Scott will lead that effort for me and the Great People of the United States of America.”

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Scott Bessent, founder and CEO of Key Square Group, has been nominated by President-elect Trump as Secretary of the Treasury. (Vincent Alban/Bloomberg via Getty Images/Getty Images)

Trump also named Russ Vought to head the Office of Management and Budget late Friday.

In a statement, Consumer Bankers Association (CBA) President and CEO Lindsey Johnson congratulated Bessent on the nomination.

“As a seasoned and seasoned businessman, we applaud Mr. Bessent’s recent comments in which he has called for a wave of optimism for small businesses, a smart deregulatory banking agenda and support for Main Street,” Johnson said.

“If confirmed, we look forward to working with Mr. Bessent to advocate for sound financial regulatory policies that enable banks to better support consumers, small businesses and the economy as a whole.”

The U.S. Treasury Department building is seen in Washington, DC, on January 19, 2023, following an announcement by the U.S. Treasury Department that it had begun taking action on Thursday to prevent a default on the national debt . (Saul Loeb/AFP via Getty Images/Getty Images)

Bessent, the founder and CEO of global macro investment firm Key Square Group, was a key economic policy advisor and fundraiser for the Trump campaign.

He has been an advocate for economic policies such as lower taxes, spending controls and deregulation, which have long been the core of the Republican Party’s platform, and also supported Trump’s use of tariffs in trade negotiations.

At an event hosted by the Manhattan Institute earlier this year, Bessent suggested that Trump should pursue a three-point plan to target 3% economic growth, reduce the deficit to 3% of U.S. gross domestic product and reduce domestic increase energy production by 3 million. barrels of oil per day.

He also supported Trump’s budget cuts cryptocurrency regulations and digital assets. Bessent has also argued that mass deportations of illegal immigrants would be less expensive than the status quo, given the costs of crime and deaths from fentanyl.

President-elect Trump is making nominations to fill cabinet positions in his next administration. (Charly Tribelleau/AFP via Getty Images/Getty Images)

Bessent previously taught at Yale University. He worked at Soros Fund Management (SFM) from 1991 to 2005, where he started as a partner and eventually headed the London office. After starting his own business and working at another company, he returned to SFM as Chief Investment Officer from 2011 to 2015, before leaving to start his company. investment firm, Key Square Group.

Key Square focuses on macro investing, a strategy that uses geopolitical and macroeconomic information to guide its approach to investing in different markets.

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The role of the Secretary of the Treasury is very important in carrying out the president’s economic agenda.

Treasury Secretaries often lead negotiations with Congress on tax and spending matters and play a role in dealing with foreign governments and financial institutions, and in handling the activities of the Treasury Department and subagencies such as the Internal Revenue Service (IRS).

During Trump’s first term as president, Steven Mnuchin served as Treasury Secretary for the duration of the four-year term after being confirmed by the Senate on a 53-47 vote a few weeks after Inauguration Day.

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Bessent previously taught at Yale University and worked at Soros Fund Management before founding Key Square Group. (Stefani Reynolds/Bloomberg via Getty Images/Getty Images)

Bessent will also have to pass Senate confirmation processwhich will be made easier by a 53-seat Republican majority after GOP candidates flipped four seats in this election.

The Senate Finance Committee will be responsible for holding a confirmation hearing on Bessent’s nomination and advancing it for a confirmation vote.

Senate committees often hold confirmation hearings for nominees of a incoming presidential administration prior to Inauguration Day, creating the chance that these nominees will be confirmed on the day the new president takes office or shortly thereafter.

Vought served as OMB director during Trump’s first term. He also served as Deputy OMB Director and Acting Director.

“He did an excellent job in this role during my first term. For every new ordinance, we eliminated four ordinances, and it was a great success!” Trump wrote on Truth Social.

Former Office of Management and Budget (OMB) Director Russ Vought was nominated by President-elect Trump on Friday to lead the OMB for a second time. (FOX Business / Fox News)

The Office of the OMB Director develops the President’s proposed budget and is charged with carrying out the President’s agenda across the federal government. Vought is a contributor to the Heritage Foundation’s Project 2025 and is a close ally of Trump.

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“Russ has worked in public policy in Washington DC for many years and is an aggressive cost-cutting and deregulator who will help us implement our America First Agenda across all agencies,” Trump wrote. “Russ knows exactly how to dismantle the Deep State and end the armed government, and he will help us return self-government to the people.”

Vought will help restore “fiscal sanity” and help usher in “new levels of prosperity and ingenuity,” Trump said.