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Trump nominates Scott Bessent to lead Treasury in flurry of picks

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cjDa-dM"><time dateTime="2024-11-23T08:14:24.733Z" class="sc-b42e7a8f-2 bGezbH">23 November 2024</time><div class="sc-b42e7a8f-3 cFXrjb"><!--$!--><!--/$--></div></div><div data-testid="byline-new-contributors" class="sc-b42e7a8f-12 fcCDwR"><div class="sc-b42e7a8f-5 evAEAB"><div><span class="sc-b42e7a8f-7 khDNZq">Michelle Fleury &amp; Natalie Sherman</span><div class="sc-b42e7a8f-8 jtKrhe"><span>BBC News<!-- --></span></div></div></div></div><div class="sc-b42e7a8f-4 cVwCpL"><!--$!--><!--/$--></div></div></div><figure><div data-component="image-block" class="sc-18fde0d6-0 ejjhCR"><div data-testid="hero-image" class="sc-a34861b-1 jxzoZC"><img src="/bbcx/grey-placeholder.png" class="sc-a34861b-0 cOpVbP hide-when-no-script"/><img sizes="(min-width: 1280px) 50vw, (min-width: 1008px) 66vw, 96vw" srcSet="https://ichef.bbci.co.uk/news/240/cpsprodpb/05b9/live/e0efc290-a928-11ef-a4fe-a3e9a6c5d640.jpg.webp 240w,https://ichef.bbci.co.uk/news/320/cpsprodpb/05b9/live/e0efc290-a928-11ef-a4fe-a3e9a6c5d640.jpg.webp 320w,https://ichef.bbci.co.uk/news/480/cpsprodpb/05b9/live/e0efc290-a928-11ef-a4fe-a3e9a6c5d640.jpg.webp 480w,https://ichef.bbci.co.uk/news/640/cpsprodpb/05b9/live/e0efc290-a928-11ef-a4fe-a3e9a6c5d640.jpg.webp 640w,https://ichef.bbci.co.uk/news/800/cpsprodpb/05b9/live/e0efc290-a928-11ef-a4fe-a3e9a6c5d640.jpg.webp 800w,https://ichef.bbci.co.uk/news/1024/cpsprodpb/05b9/live/e0efc290-a928-11ef-a4fe-a3e9a6c5d640.jpg.webp 1024w,https://ichef.bbci.co.uk/news/1536/cpsprodpb/05b9/live/e0efc290-a928-11ef-a4fe-a3e9a6c5d640.jpg.webp 1536w" src="https://ichef.bbci.co.uk/news/480/cpsprodpb/05b9/live/e0efc290-a928-11ef-a4fe-a3e9a6c5d640.jpg.webp" alt="Getty Images Scott Bessent" class="sc-a34861b-0 efFcac"/><span class="sc-a34861b-2 fxQYxK">Getty Images</span></div></div><div data-component="caption-block" class="sc-18fde0d6-0 bdPeAJ"><figcaption class="sc-8353772e-0 cvNhQw">Scott Bessent was an early backer of Trump&#x27;s 2024 presidential bid<!-- --></figcaption></div></figure><div data-component="text-block" class="sc-18fde0d6-0 dlWCEZ"><p class="sc-eb7bd5f6-0 fYAfXe">Donald Trump has nominated Scott Bessent to lead the US Treasury Department, one of the most influential roles in government with wide oversight of tax policy, public debt, international finance and sanctions. <!-- --></p><p class="sc-eb7bd5f6-0 fYAfXe">The selection ends what has proven to be one of the more protracted decisions for the president-elect as he assembles his team for a second term.<!-- --></p><p class="sc-eb7bd5f6-0 fYAfXe">Bessent, a Wall Street financier who once worked for George Soros, was an early backer of Trump&#x27;s 2024 bid and brings a relatively conventional resume to the role.<!-- --></p><p class="sc-eb7bd5f6-0 fYAfXe">The 62-year-old&#x27;s nomination on Friday evening kicked-off a series of cabinet announcements and White House appointments that leaves Trump&#x27;s top team almost complete ahead of his return to the presidency in January.<!-- --></p></div><div data-component="ad-slot" data-testid="ad-unit" class="sc-eb24677f-0 kuYBMG"><div data-testid="dotcom-mid_1" id="dotcom-mid_1" class="dotcom-ad"></div></div><div data-component="text-block" class="sc-18fde0d6-0 dlWCEZ"><p class="sc-eb7bd5f6-0 fYAfXe">&quot;Scott is widely respected as one of the World’s foremost International Investors and Geopolitical and Economic Strategists,&quot; Trump said in his announcement on Truth Social.<!-- --></p><p class="sc-eb7bd5f6-0 fYAfXe">&quot;[He] has long been a strong advocate of the America First Agenda,&quot; he said, adding that Bessent would &quot;support my Policies that will drive US Competitiveness, and stop unfair Trade imbalances.&quot;<!-- --></p><p class="sc-eb7bd5f6-0 fYAfXe">Bessent has made it well known that he wants to extend tax cuts made in Mr Trump&#x27;s first term in office.<!-- --></p><p class="sc-eb7bd5f6-0 fYAfXe">He has also defended the use of import tariffs, one of the more controversial parts of the President-elect&#x27;s campaign agenda, calling them a &quot;useful negotiating tool&quot;.<!-- --></p><p class="sc-eb7bd5f6-0 fYAfXe">On the campaign trail, Bessent told voters that Trump would usher in a &quot;new golden age with de-regulation, low-cost energy, [and] low taxes&quot;.<!-- --></p></div><div data-component="subheadline-block" class="sc-18fde0d6-0 eeiVGB"><h2 class="sc-518485e5-0 kRvAla">A Friday flurry<!-- --></h2></div><div data-component="text-block" class="sc-18fde0d6-0 dlWCEZ"><p class="sc-eb7bd5f6-0 fYAfXe">Trump also nominated Republican Congresswoman<!-- --><b id="lori-chavez-deremer" class="sc-7dcfb11b-0 kVRnKf"> Lori Chavez-DeRemer<!-- --></b> for US Labor Secretary on Friday, saying she would help to &quot;grow wages and improve working conditions [and] bring back our manufacturing jobs&quot;.<!-- --></p><p class="sc-eb7bd5f6-0 fYAfXe">The representative from Oregon, 56, won strong trade union support but narrowly lost her bid for re-election earlier this month, meaning her nomination will not affect the Republican majority in the House come January.<!-- --></p><p class="sc-eb7bd5f6-0 fYAfXe">He then made another cabinet nomination moments later, announcing <!-- --><b id="scott-turner" class="sc-7dcfb11b-0 kVRnKf">Scott Turner <!-- --></b>as his pick to lead the Department of Housing and Urban Development. The NFL veteran and motivational speaker previously served in the Texas House of Representatives.<!-- --></p></div><div data-component="ad-slot" data-testid="ad-unit" class="sc-eb24677f-0 kuYBMG"><div data-testid="dotcom-mid_2" id="dotcom-mid_2" class="dotcom-ad"></div></div><figure><div data-component="image-block" class="sc-18fde0d6-0 jFCfG"><div data-testid="image" class="sc-a34861b-1 jxzoZC"><img src="/bbcx/grey-placeholder.png" class="sc-a34861b-0 cOpVbP hide-when-no-script"/><img sizes="(min-width: 1280px) 50vw, (min-width: 1008px) 66vw, 96vw" srcSet="https://ichef.bbci.co.uk/news/240/cpsprodpb/fcfd/live/4503ea20-a935-11ef-8ab9-9192db313061.jpg.webp 240w,https://ichef.bbci.co.uk/news/320/cpsprodpb/fcfd/live/4503ea20-a935-11ef-8ab9-9192db313061.jpg.webp 320w,https://ichef.bbci.co.uk/news/480/cpsprodpb/fcfd/live/4503ea20-a935-11ef-8ab9-9192db313061.jpg.webp 480w,https://ichef.bbci.co.uk/news/640/cpsprodpb/fcfd/live/4503ea20-a935-11ef-8ab9-9192db313061.jpg.webp 640w,https://ichef.bbci.co.uk/news/800/cpsprodpb/fcfd/live/4503ea20-a935-11ef-8ab9-9192db313061.jpg.webp 800w,https://ichef.bbci.co.uk/news/1024/cpsprodpb/fcfd/live/4503ea20-a935-11ef-8ab9-9192db313061.jpg.webp 1024w,https://ichef.bbci.co.uk/news/1536/cpsprodpb/fcfd/live/4503ea20-a935-11ef-8ab9-9192db313061.jpg.webp 1536w" src="https://ichef.bbci.co.uk/news/480/cpsprodpb/fcfd/live/4503ea20-a935-11ef-8ab9-9192db313061.jpg.webp" alt="Getty Images Image shows Lori Chavez-DeRemer" class="sc-a34861b-0 efFcac"/><span class="sc-a34861b-2 fxQYxK">Getty Images</span></div></div><div data-component="caption-block" class="sc-18fde0d6-0 bdPeAJ"><figcaption class="sc-8353772e-0 cvNhQw">Lori Chavez-DeRemer, Trump&#x27;s nominee for labour secretary, narrowly lost her bid for re-election<!-- --></figcaption></div></figure><div data-component="text-block" class="sc-18fde0d6-0 dlWCEZ"><p class="sc-eb7bd5f6-0 fYAfXe">Trump also announced a series of senior health picks, giving his backing to Fox News contributor <!-- --><b id="dr-janette-nesheiwat" class="sc-7dcfb11b-0 kVRnKf">Dr Janette Nesheiwat <!-- --></b>as Surgeon General and former Florida Congressman <!-- --><b id="dr-dave-weldon" class="sc-7dcfb11b-0 kVRnKf">Dr Dave Weldon <!-- --></b>as Director of the Centers for Disease Control and Prevention (CDC).<!-- --></p><p class="sc-eb7bd5f6-0 fYAfXe">He selected <!-- --><b id="russell-vought" class="sc-7dcfb11b-0 kVRnKf">Russell Vought<!-- --></b> as director of the US Office of Management and Budget, which helps decide policy priorities and how they should be funded.<!-- --></p><p class="sc-eb7bd5f6-0 fYAfXe">Vought, who played a role in <!-- --><a target="_self" href="https://www.bbc.com/news/articles/c977njnvq2do" class="sc-c9299ecf-0 bZUiKB">Project 2025<!-- --></a> - a &quot;wish list&quot; for a second Trump presidency by the conservative Heritage Foundation - held the same position during Trump&#x27;s first term.<!-- --></p><p class="sc-eb7bd5f6-0 fYAfXe">The president-elect also announced White House roles for <!-- --><b id="alex-wong" class="sc-7dcfb11b-0 kVRnKf">Alex Wong<!-- --></b> and <!-- --><b id="sebastian-gorka" class="sc-7dcfb11b-0 kVRnKf">Sebastian Gorka<!-- --></b> who also served during Trump&#x27;s first term.<!-- --></p></div><div data-component="ad-slot" data-testid="ad-unit" class="sc-eb24677f-0 kuYBMG"><div data-testid="dotcom-mid_3" id="dotcom-mid_3" class="dotcom-ad"></div></div><!--$!--><!--/$--><div data-component="subheadline-block" class="sc-18fde0d6-0 eeiVGB"><h2 class="sc-518485e5-0 kRvAla">How will Bessent lead US Treasury?<!-- --></h2></div><div data-component="text-block" class="sc-18fde0d6-0 dlWCEZ"><p class="sc-eb7bd5f6-0 fYAfXe">If his nomination to lead the Treasury department is confirmed by the Senate, Bessent would almost immediately be plunged into the fight in Washington over extending the tax cuts from Trump&#x27;s first term.<!-- --></p><p class="sc-eb7bd5f6-0 fYAfXe">Trump has also called for controversial changes to trade policy, proposing sweeping tariffs on all goods coming into the country.<!-- --></p><p class="sc-eb7bd5f6-0 fYAfXe">Such ideas have been met with alarm in traditional economic and corporate circles. <!-- --></p><p class="sc-eb7bd5f6-0 fYAfXe">In an interview with Fox News shortly before the election, Bessent said ensuring the tax cuts do not expire as planned at the end of next year would be his top priority, if he ended up in the administration.<!-- --></p><p class="sc-eb7bd5f6-0 fYAfXe">&quot;If it doesn’t happen, this will be the largest tax increase in US history,&quot; he warned.<!-- --></p><p class="sc-eb7bd5f6-0 fYAfXe">For other posts, Trump has been willing to back candidates with minimal experience in favour of loyalty and apparent conviction in his pledges.<!-- --></p><p class="sc-eb7bd5f6-0 fYAfXe">But he has appeared more hesitant to buck convention at the Treasury Department, which serves as a key liaison between the White House and Wall Street and has critical functions that include collecting taxes, supervising banks, wielding sanctions and handling US government debt.<!-- --></p><p class="sc-eb7bd5f6-0 fYAfXe">In his announcement, Trump said Bessent would “help curb the unsustainable path of Federal Debt”. That issue has long been a priority for traditional Republicans, but financial markets see an increase in debt as a risk in a second Trump term.<!-- --></p></div><div data-component="ad-slot" data-testid="ad-unit" class="sc-eb24677f-0 kuYBMG"><div data-testid="dotcom-mid_4" id="dotcom-mid_4" class="dotcom-ad"></div></div><div data-component="text-block" class="sc-18fde0d6-0 dlWCEZ"><p class="sc-eb7bd5f6-0 fYAfXe">Bessent, a native of South Carolina, made his name in the 1990s betting against the British pound and Japanese yen while working for Soros, a major Democratic donor. <!-- --></p><p class="sc-eb7bd5f6-0 fYAfXe">In 2015, he started his own fund, Key Square Capital Management, which is known for making investments based on big-picture economic policy.<!-- --></p><p class="sc-eb7bd5f6-0 fYAfXe">He and his husband, a former New York City prosecutor, married in 2011 and have two children. He is known for philanthropy in South Carolina, where his family has deep roots. <!-- --></p><p class="sc-eb7bd5f6-0 fYAfXe">Bessent has defended tariffs - a capstone of Trump&#x27;s protectionist agenda - arguing that opposition to them is rooted in political ideology and not &quot;considered economic thought&quot;.<!-- --></p><p class="sc-eb7bd5f6-0 fYAfXe">But he has also characterised Trump’s support for such border taxes as a negotiating tool, suggesting the president-elect isn’t necessarily committed to aggressively raising duties.<!-- --></p><p class="sc-eb7bd5f6-0 fYAfXe">That stance makes him more moderate than others whose names were floated for the treasury role.<!-- --></p><p class="sc-eb7bd5f6-0 fYAfXe">However, Bessent has been a strong proponent of Trump’s embrace of the crypto industry. Such support would make him the first treasury secretary to openly champion cryptocurrency, sending a clear signal that Trump is serious about establishing the US as the &quot;crypto capital of the planet&quot;.<!-- --></p></div><figure><div data-component="image-block" class="sc-18fde0d6-0 gfTVSf"><div data-testid="image" class="sc-a34861b-1 jxzoZC"><img src="/bbcx/grey-placeholder.png" class="sc-a34861b-0 cOpVbP hide-when-no-script"/><img sizes="(min-width: 1280px) 50vw, (min-width: 1008px) 66vw, 96vw" srcSet="https://ichef.bbci.co.uk/news/240/cpsprodpb/a885/live/61042a40-a977-11ef-bdf5-b7cb2fa86e10.png.webp 240w,https://ichef.bbci.co.uk/news/320/cpsprodpb/a885/live/61042a40-a977-11ef-bdf5-b7cb2fa86e10.png.webp 320w,https://ichef.bbci.co.uk/news/480/cpsprodpb/a885/live/61042a40-a977-11ef-bdf5-b7cb2fa86e10.png.webp 480w,https://ichef.bbci.co.uk/news/640/cpsprodpb/a885/live/61042a40-a977-11ef-bdf5-b7cb2fa86e10.png.webp 640w,https://ichef.bbci.co.uk/news/800/cpsprodpb/a885/live/61042a40-a977-11ef-bdf5-b7cb2fa86e10.png.webp 800w,https://ichef.bbci.co.uk/news/1024/cpsprodpb/a885/live/61042a40-a977-11ef-bdf5-b7cb2fa86e10.png.webp 1024w,https://ichef.bbci.co.uk/news/1536/cpsprodpb/a885/live/61042a40-a977-11ef-bdf5-b7cb2fa86e10.png.webp 1536w" src="https://ichef.bbci.co.uk/news/480/cpsprodpb/a885/live/61042a40-a977-11ef-bdf5-b7cb2fa86e10.png.webp" alt="A graphic shows labelled headshots of Trump&#x27;s appointments so far, with a silhouette for the only unfilled major position, Agriculture Secretary" class="sc-a34861b-0 efFcac"/></div></div></figure><figure><div data-component="image-block" class="sc-18fde0d6-0 gfTVSf"><div data-testid="image" class="sc-a34861b-1 jxzoZC"><img src="/bbcx/grey-placeholder.png" class="sc-a34861b-0 cOpVbP hide-when-no-script"/><img sizes="(min-width: 1280px) 50vw, (min-width: 1008px) 66vw, 96vw" srcSet="https://ichef.bbci.co.uk/news/240/cpsprodpb/8a90/live/6f704340-a92f-11ef-a4fe-a3e9a6c5d640.png.webp 240w,https://ichef.bbci.co.uk/news/320/cpsprodpb/8a90/live/6f704340-a92f-11ef-a4fe-a3e9a6c5d640.png.webp 320w,https://ichef.bbci.co.uk/news/480/cpsprodpb/8a90/live/6f704340-a92f-11ef-a4fe-a3e9a6c5d640.png.webp 480w,https://ichef.bbci.co.uk/news/640/cpsprodpb/8a90/live/6f704340-a92f-11ef-a4fe-a3e9a6c5d640.png.webp 640w,https://ichef.bbci.co.uk/news/800/cpsprodpb/8a90/live/6f704340-a92f-11ef-a4fe-a3e9a6c5d640.png.webp 800w,https://ichef.bbci.co.uk/news/1024/cpsprodpb/8a90/live/6f704340-a92f-11ef-a4fe-a3e9a6c5d640.png.webp 1024w,https://ichef.bbci.co.uk/news/1536/cpsprodpb/8a90/live/6f704340-a92f-11ef-a4fe-a3e9a6c5d640.png.webp 1536w" src="https://ichef.bbci.co.uk/news/480/cpsprodpb/8a90/live/6f704340-a92f-11ef-a4fe-a3e9a6c5d640.png.webp" alt="Banner reading &#x27;More on Trump Transition&#x27;" class="sc-a34861b-0 efFcac"/></div></div></figure><div data-component="text-block" 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class="sc-6fba5bd4-3 eQhLId"></div><span data-testid="card-metadata-tag" class="sc-6fba5bd4-2 bHkTZK">World</span></div></div></div></div></a></div></div><div data-testid="liverpool-card" class="sc-c6f6255e-0 eGcloy"><div data-testid="anchor-inner-wrapper"><a href="/news/articles/c1wewj551q0o" data-testid="internal-link" class="sc-2e6baa30-0 gILusN"><div class="sc-ae29827d-4 ypQFr"><div class="sc-ae29827d-1 hAmwyA"><div class="sc-6fba5bd4-0 bFzmvn"><span data-testid="card-metadata-lastupdated" class="sc-6fba5bd4-1 bCFJJn">7 hrs ago</span></div></div><div data-testid="liverpool-article" class="sc-ae29827d-3 khCtOO"><div data-testid="card-media-wrapper" class="sc-ae29827d-5 jVhDCQ"><div data-testid="card-media" class="sc-ae29827d-2 bgogNC"><div class="sc-a34861b-1 jxzoZC"><img src="/bbcx/grey-placeholder.png" class="sc-a34861b-0 cOpVbP hide-when-no-script"/><img sizes="(min-width: 1008px) 25vw, (min-width: 600px) 33vw, 50vw" srcSet="https://ichef.bbci.co.uk/news/240/cpsprodpb/bbcb/live/ec9eb370-eca4-11ef-9528-4b59af525bf5.jpg.webp 240w,https://ichef.bbci.co.uk/news/320/cpsprodpb/bbcb/live/ec9eb370-eca4-11ef-9528-4b59af525bf5.jpg.webp 320w,https://ichef.bbci.co.uk/news/480/cpsprodpb/bbcb/live/ec9eb370-eca4-11ef-9528-4b59af525bf5.jpg.webp 480w,https://ichef.bbci.co.uk/news/640/cpsprodpb/bbcb/live/ec9eb370-eca4-11ef-9528-4b59af525bf5.jpg.webp 640w,https://ichef.bbci.co.uk/news/800/cpsprodpb/bbcb/live/ec9eb370-eca4-11ef-9528-4b59af525bf5.jpg.webp 800w,https://ichef.bbci.co.uk/news/1024/cpsprodpb/bbcb/live/ec9eb370-eca4-11ef-9528-4b59af525bf5.jpg.webp 1024w,https://ichef.bbci.co.uk/news/1536/cpsprodpb/bbcb/live/ec9eb370-eca4-11ef-9528-4b59af525bf5.jpg.webp 1536w" src="https://ichef.bbci.co.uk/news/480/cpsprodpb/bbcb/live/ec9eb370-eca4-11ef-9528-4b59af525bf5.jpg.webp" alt="A rescue operation in Clarksville, Tennessee " class="sc-a34861b-0 efFcac"/></div></div></div><div data-testid="card-text-wrapper" class="sc-ae29827d-6 dzMUxv"><div class="sc-8ea7699c-1 gTeoVH"><div class="sc-8ea7699c-0 hcpAqY"><h2 data-testid="card-headline" class="sc-8ea7699c-3 gRBdkE">At least nine dead in US floods and heavy rain<!-- --></h2></div></div><p data-testid="card-description" class="sc-ae29827d-0 cNPpME">Kentucky has seen the worst effects of the rain so far, reporting at least eight dead.</p><div class="sc-6fba5bd4-0 kZsXRf"><span data-testid="card-metadata-lastupdated" class="sc-6fba5bd4-1 bffMcX">7 hrs ago</span><div data-testid="card-metadata-separator" class="sc-6fba5bd4-3 eQhLId"></div><span data-testid="card-metadata-tag" class="sc-6fba5bd4-2 bHkTZK">US &amp; Canada</span></div></div></div></div></a></div></div><div data-testid="liverpool-card" class="sc-c6f6255e-0 eGcloy"><div data-testid="anchor-inner-wrapper"><a href="/news/articles/cz9eddnnq4go" data-testid="internal-link" class="sc-2e6baa30-0 gILusN"><div class="sc-ae29827d-4 ypQFr"><div class="sc-ae29827d-1 hAmwyA"><div 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widely condemned internationally - to take over Gaza and move the Palestinians out.</p><div class="sc-6fba5bd4-0 kZsXRf"><span data-testid="card-metadata-lastupdated" class="sc-6fba5bd4-1 bffMcX">9 hrs ago</span><div data-testid="card-metadata-separator" class="sc-6fba5bd4-3 eQhLId"></div><span data-testid="card-metadata-tag" class="sc-6fba5bd4-2 bHkTZK">World</span></div></div></div></div></a></div></div><div data-testid="liverpool-card" class="sc-c6f6255e-0 eGcloy"><div data-testid="anchor-inner-wrapper"><a href="/news/articles/cx242lw21jwo" data-testid="internal-link" class="sc-2e6baa30-0 gILusN"><div class="sc-ae29827d-4 ypQFr"><div class="sc-ae29827d-1 hAmwyA"><div class="sc-6fba5bd4-0 bFzmvn"><span data-testid="card-metadata-lastupdated" class="sc-6fba5bd4-1 bCFJJn">10 hrs ago</span></div></div><div data-testid="liverpool-article" class="sc-ae29827d-3 khCtOO"><div data-testid="card-media-wrapper" class="sc-ae29827d-5 jVhDCQ"><div data-testid="card-media" class="sc-ae29827d-2 bgogNC"><div class="sc-a34861b-1 jxzoZC"><img src="/bbcx/grey-placeholder.png" class="sc-a34861b-0 cOpVbP hide-when-no-script"/><img sizes="(min-width: 1008px) 25vw, (min-width: 600px) 33vw, 50vw" srcSet="https://ichef.bbci.co.uk/news/240/cpsprodpb/6d1e/live/07242920-ec94-11ef-a319-fb4e7360c4ec.jpg.webp 240w,https://ichef.bbci.co.uk/news/320/cpsprodpb/6d1e/live/07242920-ec94-11ef-a319-fb4e7360c4ec.jpg.webp 320w,https://ichef.bbci.co.uk/news/480/cpsprodpb/6d1e/live/07242920-ec94-11ef-a319-fb4e7360c4ec.jpg.webp 480w,https://ichef.bbci.co.uk/news/640/cpsprodpb/6d1e/live/07242920-ec94-11ef-a319-fb4e7360c4ec.jpg.webp 640w,https://ichef.bbci.co.uk/news/800/cpsprodpb/6d1e/live/07242920-ec94-11ef-a319-fb4e7360c4ec.jpg.webp 800w,https://ichef.bbci.co.uk/news/1024/cpsprodpb/6d1e/live/07242920-ec94-11ef-a319-fb4e7360c4ec.jpg.webp 1024w,https://ichef.bbci.co.uk/news/1536/cpsprodpb/6d1e/live/07242920-ec94-11ef-a319-fb4e7360c4ec.jpg.webp 1536w" src="https://ichef.bbci.co.uk/news/480/cpsprodpb/6d1e/live/07242920-ec94-11ef-a319-fb4e7360c4ec.jpg.webp" alt="Ukraine&#x27;s President Volodymyr Zelensky (3-L) during a meeting with US Vice President JD Vance (3-R) in Munich, Germany, 14 February 2025, on the sidelines of the annual Munich Security Conference (MSC)." class="sc-a34861b-0 efFcac"/></div></div></div><div data-testid="card-text-wrapper" class="sc-ae29827d-6 dzMUxv"><div class="sc-8ea7699c-1 gTeoVH"><div class="sc-8ea7699c-0 hcpAqY"><h2 data-testid="card-headline" class="sc-8ea7699c-3 gRBdkE">Five takeaways from the Munich Security Conference<!-- --></h2></div></div><p data-testid="card-description" class="sc-ae29827d-0 cNPpME">The Munich conference exposed tensions between the US and Europe over Nato and Ukraine - the BBC&#x27;s Frank Gardner explains why this was a watershed in relations.</p><div class="sc-6fba5bd4-0 kZsXRf"><span data-testid="card-metadata-lastupdated" class="sc-6fba5bd4-1 bffMcX">10 hrs ago</span><div 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src="/bbcx/grey-placeholder.png" class="sc-a34861b-0 cOpVbP hide-when-no-script"/><img sizes="(min-width: 1008px) 25vw, (min-width: 600px) 33vw, 50vw" srcSet="https://ichef.bbci.co.uk/news/240/cpsprodpb/2d46/live/2febb240-ec96-11ef-9b45-3bd84542998a.jpg.webp 240w,https://ichef.bbci.co.uk/news/320/cpsprodpb/2d46/live/2febb240-ec96-11ef-9b45-3bd84542998a.jpg.webp 320w,https://ichef.bbci.co.uk/news/480/cpsprodpb/2d46/live/2febb240-ec96-11ef-9b45-3bd84542998a.jpg.webp 480w,https://ichef.bbci.co.uk/news/640/cpsprodpb/2d46/live/2febb240-ec96-11ef-9b45-3bd84542998a.jpg.webp 640w,https://ichef.bbci.co.uk/news/800/cpsprodpb/2d46/live/2febb240-ec96-11ef-9b45-3bd84542998a.jpg.webp 800w,https://ichef.bbci.co.uk/news/1024/cpsprodpb/2d46/live/2febb240-ec96-11ef-9b45-3bd84542998a.jpg.webp 1024w,https://ichef.bbci.co.uk/news/1536/cpsprodpb/2d46/live/2febb240-ec96-11ef-9b45-3bd84542998a.jpg.webp 1536w" 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All rights reserved. <!-- --><i id="" class="sc-7dcfb11b-0 kKcaog"> <!-- --></i>The<!-- --><i id="bbc" class="sc-7dcfb11b-0 kKcaog"> BBC <!-- --></i>is<!-- --><i id="not-responsible-for-the-content-of-external-sites." class="sc-7dcfb11b-0 kKcaog"> not responsible for the content of external sites.<!-- --></i> <!-- --><a target="_self" href="https://www.bbc.co.uk/editorialguidelines/guidance/feeds-and-links" class="sc-c9299ecf-0 bZUiKB"><b id="read-about-our-approach-to-external-linking." class="sc-7dcfb11b-0 kVRnKf">Read about our approach to external linking.<!-- --></b></a></p><p class="sc-eb7bd5f6-0 fYAfXe"> <!-- --></p></div></footer></div></div><script id="__NEXT_DATA__" type="application/json">{"props":{"pageProps":{"page":{"@\"news\",\"articles\",\"cj3mv6l1ypyo\",":{"id":"urn:bbc:optimo:asset:cj3mv6l1ypyo","contents":[{"type":"headline","model":{"blocks":[{"type":"text","model":{"blocks":[{"type":"paragraph","model":{"text":"Trump nominates Bessent to lead US Treasury in flurry of announcements","blocks":[{"type":"fragment","model":{"text":"Trump nominates Bessent to lead US Treasury in flurry of announcements","attributes":[]}}]}}]}}]}},{"type":"timestamp","model":{"timestamp":1732349664733}},{"type":"byline","model":{"blocks":[{"type":"contributor","model":{"blocks":[{"type":"name","model":{"blocks":[{"type":"text","model":{"blocks":[{"type":"paragraph","model":{"text":"Michelle Fleury","blocks":[{"type":"fragment","model":{"text":"Michelle Fleury","attributes":[]}}]}}]}}]}},{"type":"role","model":{"blocks":[{"type":"text","model":{"blocks":[{"type":"paragraph","model":{"text":"BBC News","blocks":[{"type":"fragment","model":{"text":"BBC News","attributes":[]}}]}}]}}]}}]}},{"type":"contributor","model":{"blocks":[{"type":"name","model":{"blocks":[{"type":"text","model":{"blocks":[{"type":"paragraph","model":{"text":"Natalie Sherman","blocks":[{"type":"fragment","model":{"text":"Natalie Sherman","attributes":[]}}]}}]}}]}},{"type":"role","model":{"blocks":[{"type":"text","model":{"blocks":[{"type":"paragraph","model":{"text":"BBC News","blocks":[{"type":"fragment","model":{"text":"BBC News","attributes":[]}}]}}]}}]}}]}},{"type":"timestamp","model":{"timestamp":1732349664733}}]}},{"type":"image","model":{"blocks":[{"type":"caption","model":{"blocks":[{"type":"text","model":{"blocks":[{"type":"paragraph","model":{"text":"Scott Bessent was an early backer of Trump's 2024 presidential bid","blocks":[{"type":"fragment","model":{"text":"Scott Bessent was an early backer of Trump's 2024 presidential bid","attributes":[]}}]}}]}}]}},{"type":"altText","model":{"blocks":[{"type":"text","model":{"blocks":[{"type":"paragraph","model":{"text":"Scott Bessent","blocks":[{"type":"fragment","model":{"text":"Scott Bessent","attributes":[]}}]}}]}}]}},{"type":"rawImage","model":{"width":913,"height":513,"locator":"05b9/live/e0efc290-a928-11ef-a4fe-a3e9a6c5d640.jpg","originCode":"cpsprodpb","copyrightHolder":"Getty Images","suitableForSyndication":true}}],"emphasiseImage":true}},{"type":"text","model":{"suitableForAbridgement":true,"blocks":[{"type":"paragraph","model":{"text":"Donald Trump has nominated Scott Bessent to lead the US Treasury Department, one of the most influential roles in government with wide oversight of tax policy, public debt, international finance and sanctions. ","blocks":[{"type":"fragment","model":{"text":"Donald Trump has nominated Scott Bessent to lead the US Treasury Department, one of the most influential roles in government with wide oversight of tax policy, public debt, international finance and sanctions. ","attributes":[]}}]}},{"type":"paragraph","model":{"text":"The selection ends what has proven to be one of the more protracted decisions for the president-elect as he assembles his team for a second term.","blocks":[{"type":"fragment","model":{"text":"The selection ends what has proven to be one of the more protracted decisions for the president-elect as he assembles his team for a second term.","attributes":[]}}]}},{"type":"paragraph","model":{"text":"Bessent, a Wall Street financier who once worked for George Soros, was an early backer of Trump's 2024 bid and brings a relatively conventional resume to the role.","blocks":[{"type":"fragment","model":{"text":"Bessent, a Wall Street financier who once worked for George Soros, was an early backer of Trump's 2024 bid and brings a relatively conventional resume to the role.","attributes":[]}}]}},{"type":"paragraph","model":{"text":"The 62-year-old's nomination on Friday evening kicked-off a series of cabinet announcements and White House 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The NFL veteran and motivational speaker previously served in the Texas House of Representatives.","blocks":[{"type":"fragment","model":{"text":"He then made another cabinet nomination moments later, announcing ","attributes":[]}},{"type":"fragment","model":{"text":"Scott Turner ","attributes":["bold"]}},{"type":"fragment","model":{"text":"as his pick to lead the Department of Housing and Urban Development. 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a \"wish list\" for a second Trump presidency by the conservative Heritage Foundation - held the same position during Trump's first term.","blocks":[{"type":"fragment","model":{"text":"Vought, who played a role in ","attributes":[]}},{"type":"urlLink","model":{"text":"Project 2025","blocks":[{"type":"fragment","model":{"text":"Project 2025","attributes":[]}}],"locator":"https://www.bbc.com/news/articles/c977njnvq2do","isExternal":false}},{"type":"fragment","model":{"text":" - a \"wish list\" for a second Trump presidency by the conservative Heritage Foundation - held the same position during Trump's first term.","attributes":[]}}]}},{"type":"paragraph","model":{"text":"The president-elect also announced White House roles for Alex Wong and Sebastian Gorka who also served during Trump's first term.","blocks":[{"type":"fragment","model":{"text":"The president-elect also announced White House roles for ","attributes":[]}},{"type":"fragment","model":{"text":"Alex Wong","attributes":["bold"]}},{"type":"fragment","model":{"text":" and ","attributes":[]}},{"type":"fragment","model":{"text":"Sebastian Gorka","attributes":["bold"]}},{"type":"fragment","model":{"text":" who also served during Trump's first term.","attributes":[]}}]}}]}},{"type":"advertisement","model":{"adType":"horizontal"},"incrementedType":"mid_3"},{"type":"embed","model":{"locator":"urn:flourish:embed:visualisation:20299276","provider":"flourish-visualisation","usageRights":{"suitableForSyndication":true},"source":"https://public.flourish.studio/visualisation/20299276","blocks":[{"type":"aresFlourish","model":{"blocks":[{"type":"aresOEmbed","model":{"oembed":{"version":"1.0","provider_name":"Flourish","provider_url":"https://flourish.studio","html":"\u003ciframe src=\"https://flo.uri.sh/visualisation/20299276/embed\" frameborder=\"0\" scrolling=\"no\" height=\"575\" width=\"700\" style=\"width:100%;\" title=\"Interactive or visual content\"\u003e\u003c/iframe\u003e","width":700,"height":575,"type":"rich"}}}]}}]}},{"type":"subheadline","model":{"blocks":[{"type":"text","model":{"blocks":[{"type":"paragraph","model":{"text":"How will Bessent lead US Treasury?","blocks":[{"type":"fragment","model":{"text":"How will Bessent lead US Treasury?","attributes":[]}}]}}]}}],"level":2}},{"type":"text","model":{"suitableForAbridgement":false,"blocks":[{"type":"paragraph","model":{"text":"If his nomination to lead the Treasury department is confirmed by the Senate, Bessent would almost immediately be plunged into the fight in Washington over extending the tax cuts from Trump's first term.","blocks":[{"type":"fragment","model":{"text":"If his nomination to lead the Treasury department is confirmed by the Senate, Bessent would almost immediately be plunged into the fight in Washington over extending the tax cuts from Trump's first term.","attributes":[]}}]}},{"type":"paragraph","model":{"text":"Trump has also called for controversial changes to trade policy, proposing sweeping tariffs on all goods coming into the country.","blocks":[{"type":"fragment","model":{"text":"Trump has also called for controversial changes to trade policy, proposing sweeping tariffs on all goods coming into the country.","attributes":[]}}]}},{"type":"paragraph","model":{"text":"Such ideas have been met with alarm in traditional economic and corporate circles. ","blocks":[{"type":"fragment","model":{"text":"Such ideas have been met with alarm in traditional economic and corporate circles. ","attributes":[]}}]}},{"type":"paragraph","model":{"text":"In an interview with Fox News shortly before the election, Bessent said ensuring the tax cuts do not expire as planned at the end of next year would be his top priority, if he ended up in the administration.","blocks":[{"type":"fragment","model":{"text":"In an interview with Fox News shortly before the election, Bessent said ensuring the tax cuts do not expire as planned at the end of next year would be his top priority, if he ended up in the administration.","attributes":[]}}]}},{"type":"paragraph","model":{"text":"\"If it doesn’t happen, this will be the largest tax increase in US history,\" he warned.","blocks":[{"type":"fragment","model":{"text":"\"If it doesn’t happen, this will be the largest tax increase in US history,\" he warned.","attributes":[]}}]}},{"type":"paragraph","model":{"text":"For other posts, Trump has been willing to back candidates with minimal experience in favour of loyalty and apparent conviction in his pledges.","blocks":[{"type":"fragment","model":{"text":"For other posts, Trump has been willing to back candidates with minimal experience in favour of loyalty and apparent conviction in his pledges.","attributes":[]}}]}},{"type":"paragraph","model":{"text":"But he has appeared more hesitant to buck convention at the Treasury Department, which serves as a key liaison between the White House and Wall Street and has critical functions that include collecting taxes, supervising banks, wielding sanctions and handling US government debt.","blocks":[{"type":"fragment","model":{"text":"But he has appeared more hesitant to buck convention at the Treasury Department, which serves as a key liaison between the White House and Wall Street and has critical functions that include collecting taxes, supervising banks, wielding sanctions and handling US government debt.","attributes":[]}}]}},{"type":"paragraph","model":{"text":"In his announcement, Trump said Bessent would “help curb the unsustainable path of Federal Debt”. That issue has long been a priority for traditional Republicans, but financial markets see an increase in debt as a risk in a second Trump term.","blocks":[{"type":"fragment","model":{"text":"In his announcement, Trump said Bessent would “help curb the unsustainable path of Federal Debt”. That issue has long been a priority for traditional Republicans, but financial markets see an increase in debt as a risk in a second Trump term.","attributes":[]}}]}}]}},{"type":"advertisement","model":{"adType":"horizontal"},"incrementedType":"mid_4"},{"type":"text","model":{"suitableForAbridgement":false,"blocks":[{"type":"paragraph","model":{"text":"Bessent, a native of South Carolina, made his name in the 1990s betting against the British pound and Japanese yen while working for Soros, a major Democratic donor. ","blocks":[{"type":"fragment","model":{"text":"Bessent, a native of South Carolina, made his name in the 1990s betting against the British pound and Japanese yen while working for Soros, a major Democratic donor. ","attributes":[]}}]}},{"type":"paragraph","model":{"text":"In 2015, he started his own fund, Key Square Capital Management, which is known for making investments based on big-picture economic policy.","blocks":[{"type":"fragment","model":{"text":"In 2015, he started his own fund, Key Square Capital Management, which is known for making investments based on big-picture economic policy.","attributes":[]}}]}},{"type":"paragraph","model":{"text":"He and his husband, a former New York City prosecutor, married in 2011 and have two children. He is known for philanthropy in South Carolina, where his family has deep roots. ","blocks":[{"type":"fragment","model":{"text":"He and his husband, a former New York City prosecutor, married in 2011 and have two children. He is known for philanthropy in South Carolina, where his family has deep roots. ","attributes":[]}}]}},{"type":"paragraph","model":{"text":"Bessent has defended tariffs - a capstone of Trump's protectionist agenda - arguing that opposition to them is rooted in political ideology and not \"considered economic thought\".","blocks":[{"type":"fragment","model":{"text":"Bessent has defended tariffs - a capstone of Trump's protectionist agenda - arguing that opposition to them is rooted in political ideology and not \"considered economic thought\".","attributes":[]}}]}},{"type":"paragraph","model":{"text":"But he has also characterised Trump’s support for such border taxes as a negotiating tool, suggesting the president-elect isn’t necessarily committed to aggressively raising duties.","blocks":[{"type":"fragment","model":{"text":"But he has also characterised Trump’s support for such border taxes as a negotiating tool, suggesting the president-elect isn’t necessarily committed to aggressively raising duties.","attributes":[]}}]}},{"type":"paragraph","model":{"text":"That stance makes him more moderate than others whose names were floated for the treasury role.","blocks":[{"type":"fragment","model":{"text":"That stance makes him more moderate than others whose names were floated for the treasury role.","attributes":[]}}]}},{"type":"paragraph","model":{"text":"However, Bessent has been a strong proponent of Trump’s embrace of the crypto industry. Such support would make him the first treasury secretary to openly champion cryptocurrency, sending a clear signal that Trump is serious about establishing the US as the \"crypto capital of the planet\".","blocks":[{"type":"fragment","model":{"text":"However, Bessent has been a strong proponent of Trump’s embrace of the crypto industry. Such support would make him the first treasury secretary to openly champion cryptocurrency, sending a clear signal that Trump is serious about establishing the US as the \"crypto capital of the planet\".","attributes":[]}}]}}]}},{"type":"image","model":{"blocks":[{"type":"altText","model":{"blocks":[{"type":"text","model":{"blocks":[{"type":"paragraph","model":{"text":"A graphic shows labelled headshots of Trump's appointments so far, with a silhouette for the only unfilled major position, Agriculture Secretary","blocks":[{"type":"fragment","model":{"text":"A graphic shows labelled headshots of Trump's appointments so far, with a silhouette for the only unfilled major position, Agriculture 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