President-elect Donald Trump said Friday he'll nominate Scott Bessent, a former money manager for George Soros who's an advocate for deficit reduction, to be his next treasury secretary.
Bessent, 62, is the founder of hedge fund Key Square Capital Management. He's worked on-and-off for Soros Fund Management since 1991. If confirmed by the Senate, he would be the nation's first openly gay treasury secretary.
In August, he told Bloomberg that joining Trump's campaign was, in part, to attack the mounting U.S. national debt. That could mean slashing government programs, among other areas of spending.
"This election cycle is the last chance for the U.S. to grow our way out of this mountain of debt without becoming a sort of European-style socialist democracy," he said then.
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