Bessent is the head of the Key Square Group and has advocated extending the tax cuts from Trump's first term. He wants to restore US energy dominance and tackle the budget deficit. The hedge fund manager has worked as an economic advisor for Trump in the past.
In a recent opinion piece for the Wall Street Journal, he wrote that the market's rebound following Trump's victory signaled investor expectations of higher growth, lower volatility and inflation, and a revitalized economy for all Americans.
As the 79th Treasury secretary, Bessent would essentially be the highest-ranking U.S. economic official responsible for maintaining operations in the world's largest economy. The Treasury Department chief also directs U.S. financial sanctions policy, oversees the U.S.-led International Monetary Fund, the World Bank and other international financial institutions, and is responsible for reviewing foreign investment in the U.S. for national security purposes.
