Donald Trump appointments: All the people Trump has appointed to his second administration so far including Robert F. Kennedy Jr., Elon Musk, John Ratcliffe and Marco Rubio

President-elect Donald Trump has announced that he will nominate hedge fund manager Scott Bessant, an advocate for deficit reduction, to be the next Treasury secretary.

Bessent has strong ties to Wall Street and could command bipartisan support.

Trump said Bessent would “help me usher in a new golden age for the United States.”

Bessent, 62, founded the hedge fund Key Square Capital Management after working 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.

He told Bloomberg in August that he decided to join the Trump campaign in part to attack the growing U.S. national debt.

This will include cutting government programs and other spending.

“This election cycle is the last chance for the US to get out of this mountain of debt without turning into some sort of European-style socialist democracy,” he said at the time.