The founder of Key Square Group was deemed a strong favorite to lead the Treasury Department, along with several other contenders.
President-elect Donald Trump has signaled his intention to nominate hedge fund executive Scott Bessent as his Treasury secretary, a source told CNBC.
The founder of Key Square Group had been considered a strong favorite for the position along with a few other close contenders.As head of Treasury, Bessent, 62, will be both the U.S. fiscal watchdog as well as a key official to help Trump enact his ambitious economic agenda. Both a Wall Street heavyweight and advocate for many of the incoming president's economic goals, he would come to office at a critical time as the U.S.
Like Trump, Bessent favors gradual tariffs and deregulation to push American business and control inflation. In addition, Bessent has advocated for a revival in manufacturing as well as energy independence.The prospective nominee also has deep philanthropic ties through Yale University along with Rockefeller University and Classical American homes Preservation Trust.
One obstacle Bessent will have to overcome is his past affiliation with billionaire investor and global gadfly George Soros. Bessent served as chief investment officer for Soros' fund.Trump and Fed Chair Powell could be set on a collision course over interest rates
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