Key Takeaways Scott Bessent, Donald Trump's pick for Treasury Secretary, was an economic advisor during his campaign and championed an agenda of tariffs, lower taxes, and deregulation.Bessent is a hedge fund manager who previously worked for liberal billionaire George Soros.

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.

President-elect Donald Trump said Friday he has tapped Scott Bessent, a former Soros Fund Management chief investment officer, to serve as Treasury secretary. "Scott has long been a strong advocate of the America First Agenda," said Trump in a statement.