Prominent investor tapped for Treasury, capping long drama

President-elect Donald Trump on Nov 22 said he will nominate prominent investor Scott Bessent as US Treasury secretary, ending days of twists that saw high-profile candidates pitted against one another for the Cabinet position with vast influence over economic, regulatory and international affairs.

WASHINGTON -

Wall Street has been closely watching who Trump would choose, especially given his plans to remake global trade through tariffs and extend - and potentially expand - the raft of tax cuts enacted during his first term.

The choice of Mr. Bessent, 62, who has spent his career in finance, gives Wall Street an advocate for tax reform and deregulation. Some strategists said his nomination is a relief as he understands markets and his appointment could reduce the chance of severe tariffs.

The announcement, the most prominent of a flurry of Nov 22 appointments by Trump, caps a week where big-name Wall Street luminaries' chances of clinching the job oscillated daily.

Other names considered included Apollo Global Management chief executive Marc Rowan and former Federal Reserve governor Kevin Warsh.

Investor John Paulson was also a leading candidate but dropped out. Wall Street veteran Howard Lutnick, another contender, was appointed as head of the Commerce Department.

Mr. Bessent spent day after day at Trump's Mar-a-Lago home in Florida providing economic advice, sources said, a proximity to the President-elect that may have helped him prevail.

"Scott is widely respected as one of the world's foremost international investors and geopolitical and economic strategists," said Trump as he announced the nomination in a statement released on Truth Social.