Donald Trump has selected a candidate for the position of U.S. Secretary of the Treasury.

Trump shared this on the social media platform Truth Social and reported Bloomberg.

“I am very pleased to nominate Scott Bessent as the 79th Secretary of the Treasury of the United States. Scott is respected as one of the leading international investors and strategists in the fields of geopolitics and economics. He has long been a staunch advocate of the idea that 'America First',” Trump stated.

The Secretary of the Treasury plays a crucial role in the global economy, overseeing the largest bond market in the world, tax collection, and economic sanctions.

Bessent's top priority in the role will be to promote the tax benefits introduced by Trump in 2017, which are set to expire next year.

What is known about Scott Bessent?

The 62-year-old Bessent was a key economic advisor to Trump during the election campaign. He formulated economic policy and prepared important speeches.

Bessent is known for his desire to revise U.S. monetary policy, although he does not support an active devaluation of the dollar.

During Trump's first term, the then-president called the rising value of the dollar harmful to American producers and even considered government intervention to manage the dollar's value. He repeatedly stated that some economic initiatives, such as tariffs, could lead to a strengthening of the dollar.

Bessent criticized President Joe Biden's administration for its management of the national debt and advocated for expanding the 'friendshoring' policy, which provides for different trade conditions with partners.