Bessent, the 62-year-old founder of Key Square Group, has repeatedly backed the president-elect’s pro-tariff stance in a series of op-eds and media appearances over the past year.

President-elect Trump nominated Scott Bessent, the founder and CEO of global macro investment firm Key Square Group, for treasury secretary.

Jonathan Capehart is a Washington Post opinion writer who moonlights as host of "The Sunday Show with Jonathan Capehart" on Comcast-owned MSNBC.

Joey Solitro is a freelance financial journalist at Kiplinger with more than a decade of experience. A longtime equity analyst, Joey has covered a range of industries for media outlets including The Motley Fool, Seeking Alpha, Market Realist, and TipRanks. Joey holds a bachelor's degree in business administration.

If confirmed, Bessent will be tasked with implementing any tax cuts a Republican-controlled Congress may pursue.

President-elect Donald Trump announced his choice for a new Treasury secretary; the purported frontrunner for the job is Scott Bessent of Key Square Capital Management.

Bessent, if confirmed, would be the first out member of the LGBTQ+ community to lead the department. His nomination still doesn't mean Trump is an ally, however.

When Donald Trump announced Friday that hedge fund manager Scott Bessent was his pick for Treasury secretary, there was a massive sigh of relief from the markets, with the yield on the 10-year Treasury falling sharply (a sign that investors think Bessent will help keep inflation cool) and the stock market getting a little bump.

In a sea of controversial choices for the incoming administration, the president-elect’s choice for treasury head is being welcomed on Wall Street with open arms. In a sea of controversial choices for his second term,