President-elect Donald Trump has nominated Scott Bessent to head the US Treasury Department, a pivotal role with broad authority over tax policy, public debt management, international finance, and economic sanctions.

Bessent’s selection concludes one of Trump’s longest-running deliberations as he finalizes his cabinet ahead of his return to the presidency in January. The 62-year-old Wall Street financier, who previously worked for billionaire investor George Soros, was an early supporter of Trump’s 2024 campaign and brings a conventional financial pedigree to the administration.

Announcing the nomination on Truth Social, Trump praised Bessent as “one of the world’s foremost international investors and geopolitical and economic strategists.” Trump also emphasized Bessent’s alignment with his “America First” agenda, stating that he would “support my policies that will drive US competitiveness and stop unfair trade imbalances.”

Bessent has signaled his intent to prioritize extending the tax cuts introduced during Trump’s first term. He has also championed the use of import tariffs, a controversial but central component of Trump’s economic strategy, describing them as a “useful negotiating tool.”

During the campaign, Bessent touted Trump’s vision for a “new golden age,” promising deregulation, affordable energy, and lower taxes as cornerstones of the administration’s economic policies.

The nomination of Bessent marks a key step in rounding out Trump’s cabinet, with the Treasury Department set to play a critical role in implementing his economic agenda.