Newly elected president of the United States Donald Trump has on Friday announced the choice of Scott Bessent, a widely known investor as the Treasury Secretary when he is inaugurated.
This nomination put a final to many speculations and strong competition among many qualified candidates who are interested in the role considering their influence on economic, regulatory, and international policy.
Wall Street dedicated a lot to monitoring the president-elect’s choice, majorly as he claims that his government will reshape the world trade via tariffs and may also widen the tax cuts that he introduced in his first term as United States president.
The 62-year-old investor is a popular finance person and is considered the most qualified for the job among all the candidates interested in the job because of his expertise in the market and his call for a reform in tax and deregulation.
If his appointment is confirmed, many Americans expect him to reduce the likelihood of aggressive tariffs, which has been a major concern among stakeholders in the financial sector.
Scott Bessent’s announcement is one of the many cabinet appointments that Trump made on Friday. Those who joined in the race before Bessent’s announcement include Apollo Global Management CEO Marc Rowan, an ex-Federal Reserve Governor Kevin Warsh, and investor John Paulson, who did not follow up for consideration.
Howard Lutnick, a veteran of Wall Street was one of those who made Trump’s appointment list, he was announced as Commerce Secretary.
The newly announced Treasury Secretary’s frequent visitation to Mar-a-Lago estate, where the president-elect resides, and his ability to provide good economic advice are believed to be one of the reasons that Trump considered him for the job.
