U.S. President-elect Donald Trump announced Friday that he has tapped hedge fund manager Scott Bessent to be the next Secretary of the Treasury.

"I am most pleased to nominate Scott Bessent to serve as the 79th Secretary of the Treasury of the United States," Trump said on Truth Social, his own social media platform. He described the founder and CEO of Key Square Group, a global macro investment firm, as someone who "has long been a strong advocate of the America First Agenda."

Born in Conway, South Carolina, Bessent brings 35 years of experience in the investment management industry. His firm's business spans industries including agriculture, hospitality, publishing, and real estate, according to a biography accompanying Trump's announcement.

A graduate of Yale University in 1984, Bessent has also worked as an adjunct professor of economic history at Yale. He is a member of the Council on Foreign Relations and the Economic Club of New York.

The Treasury Secretary is one of the most important positions in the U.S. Cabinet. The nominee must be confirmed by the Senate before taking office. 

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