Trump names Scott Bessent to head Treasury Department

President-elect Donald Trump announced on Friday that Scott Bessent, a hedge fund executive and top fundraiser to his campaign, is his pick to lead the Treasury Department.

Trump said on his Truth Social platform that Bessent will help him "usher in a new Golden Age for the United States."

"Unlike in past Administrations, we will ensure than (sic) no Americans will be left behind in the next and Greatest Economic Boom, and Scott will lead that effort for me," said Trump.

"Scott will support my Policies that will drive U.S. Competitiveness, and stop unfair Trade imbalances, work to create an Economy that places Growth at the forefront, especially through our coming World Energy Dominance," said Trump.

Bessent, the founder of hedge fund Key Square Capital Management, advised Trump on economic policy on the campaign trail.

The 62-year-old controls businesses in different industries including agriculture, hospitality, publishing and real estate, with experience of more than 35 years in the investment management business, according to the statement.

Bessent needs to be confirmed by the Senate before he assumes the post.