Trump Nominates Hedge Fund Manager Scott Bessent as U.S. Treasury Secretary

Wall Street applauded the pick. Seen as a “favorite of investors,” Bessent worked for the Soros Fund for over two decades. He follows former Fed Governor Kevin Warsh as another market-approved candidate for Treasury.

Bessent has recently proposed the “333 Plan” for economic policy and has long been critical of the Fed. On tariffs, he seeks to soften Trump’s trade threats. Analysts believe his extensive experience in global finance and markets demonstrates Trump's acknowledgment of Wall Street.

Bessent expressed support for Trump’s tariff plans and aims to advance tax cuts. However, his pragmatic approach suggests he prioritizes macroeconomic stability over extreme political agendas.

Market analysts, including Minsheng Securities, caution investors to watch the Fed closely. With the Warsh-Bessent team emerging, concerns about sidelining the Fed have risen. Reports also suggest Trump is considering Warsh for Treasury Secretary, with plans for him to chair the Fed by May 2026.