Breaking News
Tell General Mills To Reject GMO Wheat!
Climate Scientists declare the climate "emergency" is over
Trump's Cabinet is Officially Complete - Meet the Team Ready to Make America Great Again
Former Polish Minister: At Least Half of US Aid Was Laundered by Ukrainians...
Top Tech News
Forget Houston. This Space Balloon Will Launch You to the Edge of the Cosmos From a Floating...
SpaceX and NASA show off how Starship will help astronauts land on the moon (images)
How aged cells in one organ can cause a cascade of organ failure
World's most advanced hypergravity facility is now open for business
New Low-Carbon Concrete Outperforms Today's Highway Material While Cutting Costs in Minnesota
Spinning fusion fuel for efficiency and Burn Tritium Ten Times More Efficiently
Rocket plane makes first civil supersonic flight since Concorde
Muscle-powered mechanism desalinates up to 8 liters of seawater per hour
Student-built rocket breaks space altitude record as it hits hypersonic speeds
Researchers discover revolutionary material that could shatter limits of traditional solar panels
Trump Names Billionaire Scott Bessent As Treasury Secretary
That happened late on Friday when president-elect Donald Trump nominated Scott Bessent to lead the Department of the Treasury, ending days of speculation after other names emerged as competitors to the reported favorite.
"Scott is widely respected as one of the world's foremost international investors and geopolitical and economic strategists. Scott's story is that of the American Dream," Trump said in a statement on the nomination.
Bessent, 62, is a Wall Street veteran who once worked for George Soros, and founder of international macro investment company Key Square Group. He served as a key economic adviser to Trump's 2024 campaign.
Others contenders for the role included Howard Lutnick, the chairman and CEO of Cantor Fitzgerald and BGC Partners. He co-chairs the Trump–Vance transition team, which is in charge of selecting administration candidates, vetting personnel, and crafting policy. Lutnick was ultimately chosen on Nov. 19 to lead the Department of Commerce.
Kevin Warsh, 54, a former Morgan Stanley banker and former Federal Reserve Board governor, likewise entered the conversation. He became the leading candidate for treasury secretary on the betting website Polymarket after reports emerged that the president-elect was expanding his search to fill the position.
In his statement on Bessent's nomination, Trump said that economic policy under his administration would maintain the U.S. dollar's reserve currency status, fortify the United States's position as the world's strongest economy, and invigorate the private sector.
"As a lifelong champion of Main Street America and American industry, 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," Trump said.
The president-elect also noted Bessent's deep family roots in South Carolina, saying that he belongs to a historic French Huguenot Church, which members of his family founded in the 1680s, in the port city of Charleston.