President-elect Donald Trump has nominated Scott Bessent to lead the U.S. Department of the Treasury, putting an end to days of speculation after other names emerged as potential competitors to the reported favorite.
âScott is widely respected as one of the worldâs foremost international investors and geopolitical and economic strategists. Scottâs story is that of the American Dream,â Trump said in a statement regarding the nomination.
Bessent, 62, is a veteran of Wall Street and the founder of Key Square Group, an international macro investment company. He played a significant role as an economic adviser during Trumpâs 2024 campaign.
Among the other rumored contenders for the position was Howard Lutnick, 63, who serves as the chairman and CEO of investment giants Cantor Fitzgerald and BGC Partners. Lutnick co-chairs the TrumpâVance transition team, responsible for selecting administration candidates, vetting personnel, and shaping policy. Lutnick was eventually chosen to lead the Department of Commerce.
Kevin Warsh, 54, a former investment banker at Morgan Stanley and a former Federal Reserve Board governor, also entered the conversation. He emerged as the top candidate for treasury secretary on the betting website Polymarket following reports that the president-elect was broadening his search to fill the role.
This is a developing story and will be updated.
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