BREAKING: President-elect Donald Trump nominates Scott Bessent for Treasury Secretary

Trump released a statement announcing the nomination on Friday, saying, "Scott's story is that of the American Dream."

"Scott has long been a strong advocate of the America First Agenda. On the eve of our Great Country's 250th Anniversary, he will help me usher in a new Golden Age for the United States, as we fortify our position as the World's leading Economy, Center of Innovation and Entrepreneurialism, Destination for Capital, while always, and without question, maintaining the US Dollar as the Reserve Currency of the World," Trump wrote. "Unlike in past Administrations, we will ensure that no Americans will be left behind in the next and Greatest Economic Boom, and Scott will lead that effort for me, and the Great People of the United States of America."

Bessent has emerged as one of Trump and his team's most important economic advisors in recent months. Despite criticism from some on Wall Street who fear the president-elect's promise to apply broad tariffs will spark trade wars, Bessent has stood up for Trump's policies, the Wall Street Journal reported.

If confirmed, Bessent would be responsible for implementing Trump's campaign trail pledges and assisting in deciding whether the president-elect implements some of his most striking economic policy ideas, such as removing taxes on tips and imposing universal tariffs on American imports.

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