President-elect Donald Trump appointed Scott Bessent to lead the Treasury Department on Friday.
Bessent, 62, an openly gay hedge fund manager is no stranger to Wall Street, having started his career at Soros Fund Management.
When Bessent launched Key Square Group, billionaire investor George Soros, a staunch liberal, entrusted him with $2 billion in funding.
Trump has described Bessent as “one of the most brilliant men on Wall Street.” He’s been more than just a supporter of the former president—Bessent actively donated to Trump’s campaign efforts, advised on economic policy during the 2024 race, and even served as a key fundraiser.
Back in January, he predicted a post-election stock market rally after Trump’s victory—it turned out he was right.
Bessent himself remarked, “I was all in for President Trump. I was one of the few Wall Street people backing him.”
His policy recommendations to Trump include reducing regulation and implementing tax reforms.
Another concern he’s voiced is the national debt, which he blames on “four years of reckless spending” during Biden’s presidency.
“I am most pleased to nominate Scott Bessent to serve as the 79th Secretary of the Treasury of the United States,” Trump wrote in a statement on Truth Social. “Scott is widely respected as one of the World’s foremost International Investors and Geopolitical and Economic Strategists. Scott’s story is that of the American Dream.”
“Scott has long been a strong advocate of the America First Agenda,” he added. “On the eve of our Great Country’s 250th Anniversary, he will help me usher in a new Golden Age for the United States, as we fortify our position as the World’s leading Economy, Center of Innovation and Entrepreneurialism, Destination for Capital, while always, and without question, maintaining the U.S. Dollar as the Reserve Currency of the World.”
“Unlike in past Administrations, we will ensure that no Americans will be left behind in the next and Greatest Economic Boom, and Scott will lead that effort for me, and the Great People of the United States of America,” Trump concluded.
Meanwhile, Matt Gaetz, Florida’s former Republican Representative, has made it clear he won’t return to Congress, despite stepping down from his House seat and removing himself from the shortlist for Trump’s attorney general pick.
Gaetz, speaking with Charlie Kirk, commented on his next steps, saying, “I’m still going to be in the fight, but it’s going to be from a new perch. I do not intend to join the 119th Congress.”
Gaetz’s choice not to re-enter Congress means he dodges jurisdiction from the House Ethics Committee.
The committee—investigating allegations of illicit drug use, sexual misconduct, and more—chose not to release its findings before Gaetz withdrew from Congress.
Republicans in the panel voted against publishing the report, though it remains unclear whether the findings will eventually be disclosed.
“I’ve got other goals in life that I’m eager to pursue; my wife and my family. And so, I’m going to be fighting for President Trump. I’m going to be doing whatever he asks of me, as I always have,” Gaetz commented.
“But I think that eight years is probably enough time in the United States Congress.”
On Friday, Florida Governor Ron DeSantis announced the timeline to fill Gaetz’s vacated seat. The special primary election is set for January 28, 2025, with the general election following on April 1, 2025.
Florida Secretary of State Cord Byrd remarked, “At Governor Ron DeSantis’ direction, this Special Election is being conducted as quickly as statutorily possible.”
“We are committed to ensuring this election is held as soon as we are allowed to hold it by state law,” Byrd added.
On another note, Democratic Senator John Fetterman from Pennsylvania hinted at some hesitation over his decision to back Dr. Mehmet Oz—a former political opponent—whom Trump has tapped to take over as head of the Centers for Medicare and Medicaid Services.
Critics questioned Fetterman’s stance, but he pointed out on social platform X, “Freakouts are rarely illuminating. I never committed to a yes, just an open dialogue lol.”
“Math is math: GOP has 53 votes and Oz has a new job. Hot takes online won’t change that,” he noted. “He doesn’t have to give a s‑‑‑ about Dem votes, and same for the remaining nominees.”
Fetterman clarified that if Oz is focused on protecting “protecting and preserving Medicare and Medicaid,” he would cast his vote for him.
