Trump’s Treasury Pick Wants Shadow Fed Chair, Maybe Weak Dollar
- Key Square’s Scott Bessent also signaled strong tariff support
- His remit would include debt management, sanctions, IRS
Scott Bessent
Photographer: Stefani Reynolds/BloombergThis article is for subscribers only.
Scott Bessent, the veteran hedge fund manager who Donald Trump picked to become the next Treasury secretary, wants tariffs, a shadow chair for the Federal Reserve and maybe a weaker dollar.
If confirmed by the Senate, he will have a sprawling remit: oversee public financing, economic sanctions and the Internal Revenue Service; engage in international economic diplomacy; and help ensure the smooth functioning of financial markets. Bessent, who currently runs macro hedge fund Key Square Group LP, will be crucial to implementing the president-elect’s agenda, which includes renewing some of Trump’s 2017 tax cuts that expire next year and loosening financial regulations.