President-elect Donald Trump has selected investor Scott Bessent as his nominee for Treasury secretary, putting forth a campaign trail partner and early frontrunner for the job after a long and contentious process. The contest for Treasury secretary has emerged as a key stumbling block in Donald Trump's presidential transition period.

Investor Scott Bessent has spent his career in finance, working for macro investment billionaire George Soros and noted short seller Jim Chanos, as well as running his own hedge fund.

Donald Trump picked Scott Bessent to serve as Treasury secretary Friday. Scott Bessent is the founder of the investment firm Key Square Capital Management and has emerged one of the most prominent fundraisers to Donald Trump.