Further positions known

Investor to become Trump’s new Treasury Secretary

"Scott is widely respected as one of the world's leading international investors and geopolitical and economic strategists," said Trump.(Bild: AP)

US President-elect Donald Trump has selected investor and hedge fund manager Scott Bessent for the post of Secretary of the Treasury. Among other things, he will have to find a way to implement Trump's campaign promises such as tax cuts and new import tariffs. 

Among other things, Bessent will be tasked with eliminating imbalances in foreign trade and prioritizing economic growth, Trump announced.

The 62-year-old Yale graduate was considered the favorite in the crowded field of candidates for the coveted position. As the 79th Secretary of the Treasury, Bessent would essentially be the highest-ranking US economic official responsible for keeping the world's largest economy running.

Scott Bessent

Bessent is the founder of the hedge fund Key Square Group. He was previously Chief Investment Officer of George Soros' Soros Fund Management and is considered an expert in global macro investments. The 62-year-old has campaigned for tax reform and deregulation, particularly to boost bank lending and energy production, as he recently wrote in an opinion piece for the Wall Street Journal.

The Treasury 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 vetting foreign investments in the U.S. for national security purposes.

Other appointments:

• Russell Vought is set to become White House budget director, as he did in his first term from 2017 to 2021.
• Congresswoman Lori Chavez-DeRemer will become Secretary of Labor, Janette Nesheiwat will become the US Surgeon General.
• The physician Dave Weldon is to head the CDC health authority in future, while Marty Makary will become head of the Food and Drug Administration (FDA), according to Trump.
• Former professional footballer Scott Turner is to become Secretary of Housing and Urban Development.
• According to media reports, former intelligence chief Richard Grenell is to be appointed as special envoy for the war in Ukraine.