United States of America president-elect Donald Trump has announced picked Scott Bessent as the 79th secretary of treasury.

Mr Trump made the announcement on his Truth Social platform, describing Mr Bessent as “one of the world’s foremost international investors and geopolitical and economic strategists.”  

The nomination indicates Mr Trump’s ambition to spearhead what he calls “a new golden age” for the United States of America, with Mr Bessent playing a pivotal role in shaping the nation’s economic future. 

The statement highlighted Mr Bessent’s alignment with Trump’s “America First” agenda, describing him as a “lifelong champion of Main Street America and American industry.”  

Mr Trump’s remarks included plans to bolster the private sector, reduce federal debt, and ensure the U.S. dollar remains the world’s reserve currency. 

He also pledged to address trade imbalances and promote energy dominance as key components of an economic resurgence ahead of the United States’ 250th anniversary.  

Mr Bessent is a well-known figure in global financial circles, celebrated for his expertise in investment management and economic strategy. 

He is perhaps best recognised as the former chief investment officer for Soros Fund Management, where he managed billions in assets and demonstrated a keen understanding of market dynamics.  

After leaving the Soros Fund, Mr Bessent launched his own investment firm, Key Square Group, in 2015. 

Over the years, Mr Bessent has also emerged as an influential voice on international economic issues, earning respect across the political spectrum.  

A proponent of conservative economic policies, Mr Bessent’s professional ethos aligns closely with Mr Trump’s vision of restoring U.S. economic dominance. 

Mr Bessent has played a key role in some of the largest and most lucrative trades in hedge fund history, such as shorting the British pound and Japanese yen, navigating the Argentine debt restructuring, and managing the liquidation of MF Global’s Italian bonds.

If cleared, Mr Bessent’s tenure will coincide with pivotal challenges, including managing inflationary pressures, navigating global economic shifts, and addressing America’s mounting federal debt.