From his years working for George Soros to his role as a key economic advisor to Trump, Bessent has extensive if contradictory Wall Street experience.

The hedge fund investor predicted last year that President-elect Donald J. Trump’s political fortunes were on the rise.

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,

Markets looked favorably Monday morning on President-elect Donald Trump's presumptive nominee for Treasury secretary, as equity futures rose and Treasury yields fell. The move to put hedge fund magnate Scott Bessent in the position now held by Janet Yellen sent a message that Trump wants someone with strong market credentials as well as a similar philosophy for the role.

Scott Bessent, the founder of the Connecticut-based hedge fund Key Square Group, had been making a full-court press for the post.

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.

Bessent, founder and CEO of hedge fund Key Square Group, served as an economic adviser to the Trump campaign, often appearing on financial talk shows to argue in favor of the president-elect's economic policies.