Business leaders say they are relieved ­President-elect Donald Trump made a safe choice to lead the Department of Treasury after more unconventional selections to other cabinet posts. Hedge fund executive Scott Bessent survived an internal squabble over the role of Treasury secretary,

Bessent of the Key Square Group is considered a more market-oriented type that advocates deregulation and the development of the economy. Consistent with Trump's economic policy direction, his other positions include the gradual introduction of tariffs and standing down on regulations,

Investors seemed to signal their approval for Scott Bessent as a safe choice to implement the president-elect’s economic agenda.

President-elect Donald Trump's nominee for U.S. Treasury secretary, Scott Bessent, will prioritize delivering on election tax cut pledges, he told the Wall Street Journal in an interview published on Sunday.

If confirmed, Bessent would runn the department that manages the nation's finances as well as its tax agency, the Internal Revenue Service.

Bessent spent his career in finance and gives Wall Street an advocate for tax reform and deregulation. Some call his nomination a 'relief' and say it could reduce the chance of severe tariffs.

The Dow Jones Industrial Average jumped 440 points to a record close on Monday after President-elect Donald Trump’s pick for Treasury secretary, Scott Bessent, laid out his priorities – including tax cuts.