Bessent spent his career in finance and gives Wall Street an advocate for tax reform and deregulation. Some call his nomination a 'relief' and say it could reduce the chance of severe tariffs.

Scott Bessent, the founder of the Connecticut-based hedge fund Key Square Group, has been making a full-court press for the post.

US President-elect Donald Trump is expected to pick billionaire Scott Bessent as his Treasury secretary, media outlets reported Friday, choosing the hedge fund manager to help execute an agenda promising tax cuts and tariffs.