Trump selects ex-Soros executive for Treasury director
Date
11/25/2024 7:33:13 AM
(MENAFN) Donald trump has nominated Scott Bessent, former chief investment officer at George Soros’ fund, to lead the U.S. Treasury Department. Bessent, who previously fundraised for Democrats, has shifted his support to Trump’s "America First Agenda." Trump made the announcement on Friday, alongside other cabinet picks such as Republican Representative Lori Chavez-DeRemer for Labor Secretary and former NFL star Scott Turner for Housing and Urban Development Secretary.
Trump praised Bessent’s commitment to his economic vision, emphasizing his role in strengthening the U.S. economy and maintaining the U.S. dollar as the world’s reserve currency. As Treasury Secretary, Bessent would oversee U.S. financial policies, public debt, and sanctions.
Bessent is the founder of Key Square Group, a global investment firm, and has a long history in finance, including leading Soros Fund Management’s London office during its profitable 1992 bet against the British pound. While he previously supported Democratic candidates like Al Gore, Barack Obama, and Hillary Clinton, Bessent became a prominent backer of Trump’s economic policies in recent years, donating to Trump’s inaugural committee and raising millions for his campaign. Bessent has also voiced support for Trump’s protectionist trade policies, particularly tariffs to address trade imbalances.
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