Dominic Gwinn / Middle East Images / AFP / Getty Images
According to media reports published late Friday, Donald Trump has selected Scott Bessent as the new Treasury Secretary.
According to the reports, which cite people familiar with this matter, a period of time where several high profile names were discussed for possible replacements of Janet Yellen who was appointed by Biden as the Federal Reserve’s new chairwoman after she left her post at the Federal Reserve, is over.
As Treasury Secretary, Bessent would take charge of the government’s finances, managing the $36 trillion national debt, as well as oversee the Internal Revenue Service and the Office of the Comptroller of the Currency, a banking regulator.
Bessent founded Key Square Group – a money management firm. "The failure of Bidenomics is clear," he wrote in an opinion piece in The Wall Street Journal earlier this month. "But Mr. Trump has turned around the economy before, and he is ready to do so again."
Other names that were reportedly considered by Trump included Kevin Warsh, former Fed Governor, and Marc Rowan CEO of Apollo Global Management, a private equity giant.
Trump’s second Cabinet continues to shape up. One of the last economic positions is the chair of Trump’s Council of Economic Advisers. Trump, according to reports, is also considering several candidates for the position of chair of the Federal Reserve upon Jerome Powell’s term ending in 2026.
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