President-elect Donald Trump picked billionaire hedge fund manager Scott Bessent as his choice for the secretary of the United States Treasury.

The Treasury Secretary is a high-level Cabinet position charged with advising the president on matters related to financial, economic and tax policy.

Scott Bessent, the founder of the Connecticut-based hedge fund Key Square Group, had been making a full-court press for the post.

President-elect Donald Trump has nominated Scott Bessent, a hedge fund manager and his longtime economic advisor, for the position of Treasury Secretary. If confirmed, Bessent, who is married to former New York City prosecutor John Freeman,

President-elect Donald Trump on Friday said he will nominate prominent investor Scott Bessent as U.S. Treasury secretary, ending days of twists that saw high profile candidates pitted against each other for the cabinet position with vast influence over economic,

Bessent has been a major donor to Trump, giving $1 million to the Republican candidate for his 2016 inauguration.

President-elect Trump on Friday named billionaire investor Scott Bessent to be his Treasury secretary. Bessent would be the key leader of the president-elect’s economic team, which will be tasked with imposing an aggressive tariff regime meant to shake up global trade while keeping financial markets calm amid the disruption.