Trump Names Scott Bessent as Treasury Secretary

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The nomination ended days of speculation after several other names emerged as competitors to the reported favorite.

President-elect Donald Trump has nominated Scott Bessent to lead the U.S. Department of the Treasury, ending days of speculation after other names emerged as competitors to the reported favorite.

“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 in a statement on the nomination.

Bessent, 62, is a Wall Street veteran and founder of international macro investment company Key Square Group. He served as a key economic adviser to Trump’s 2024 campaign.

Others rumored as contenders for the role included Howard Lutnick, 63, the chairman and CEO of investment giants Cantor Fitzgerald and BGC Partners. He co-chairs the Trump–Vance transition team, which is in charge of selecting administration candidates, vetting personnel, and crafting policy. Lutnick was ultimately chosen to lead the Department of Commerce.

Kevin Warsh, 54, a former investment banker at Morgan Stanley and former Federal Reserve Board governor, likewise entered the conversation. He became the leading candidate for treasury secretary on the betting website Polymarket after reports emerged that the president-elect was expanding his search to fill the position.

This is a developing story and will be updated.