WASHINGTON — President-elect Donald Trump will nominate Wall Street veteran Scott Bessent to be the secretary of the U.S. Department of the Treasury, Trump announced Friday night. Bessent is the founder of the hedge fund Key Square Management, which Forbes reports had less than $600 million in assets as of the end of 2023. In an opinion piece he wrote for Fox News published just one week ago, Bessent praised tariffs as a “useful tool” and “significant” revenue raiser. Treasury functionsThe Treasury Department manages government accounts and debt, collects taxes, issues currency, and investigates financial crimes, among other duties. The agency has over 100,000 employees based in the United States and across the globe, and has requested a $14.4 billion budget for fiscal year 2025.

Source: Fox News November 24, 2024 23:22 UTC