"I am most pleased to nominate Scott Bessent to serve as the 79th Secretary of the Treasury of the United States," Trump said in a statement emailed to Newsweek. "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."

The secretary of the US Treasury Department is basically the country’s chief financial officer. As the president’s primary economic adviser, the Treasury secretary is responsible for recommending and carrying out fiscal policy,