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Scott Bessent, one of Donald Trump’s top fundraisers, is seeking candidates to become his deputy as he positions himself to become Treasury secretary, one of the most important positions in the president-elect’s Cabinet.
Bessenta hedge fund manager who served as an economic adviser to the former president, is widely considered a leading candidate for the position in the new Trump administration.
The day after Trump won a historic presidential election, the billionaire investor told CNBC on Wednesday that there had been “no discussions about jobs,” but people familiar with the matter said that He acted as if he was going to play an influential role.
“I’m going to do whatever President Trump asks,” he told CNBC when asked if he would join the administration.
Bessent, the founder of Key Square Capital Management, last year became a top economic adviser to Trump, who recently described him as “one of the best analysts on Wall Street.”
A billionaire who made his fortune betting against the Japanese yen and sterling with liberal philanthropist George Soros, he supported many of Trump’s economic policies, including imposing sweeping tariffs on imports to the United States.
Bessent did not respond to a request for comment. The Trump campaign also did not respond.
A person familiar with the matter warned that it was not clear whether Bessent had been offered the Cash position or “measured curtains prematurely” for a government position.
Other possible contenders for the position include John Paulson, another billionaire hedge fund manager and Trump campaign donor, and Robert Lighthizer, the former U.S. trade representative. Senator Bill Hagerty, who served as U.S. ambassador to Japan during the first Trump administration, was also mentioned in connection with the position.
If nominated and confirmed to the position by the Senate, Bessent would occupy one of the most powerful positions in the Trump administration.
The Treasury Secretary is responsible for maintaining the stability of the world’s largest economy and government bond market, as well as helping to develop and execute the president’s economic agenda. The department is also involved in imposing sanctions, notably against Russia following its large-scale invasion of Ukraine.
In a recent interview Writing in the Financial Times, Bessent presented Trump’s pledge to impose drastic tariffs on imports as a “maximalist” threat that could be modified in negotiations with trading partners. “This is an escalation for de-escalation,” he said.
On Wednesday, Bessent told CNBC that he would recommend that the tariffs be “phased in” so that any inflationary impact emerges over time and is offset by disinflationary policies, such as deregulation.
He also indicated that he supported traditional Treasury views, including the importance of a strong U.S. dollar as the world’s reserve currency. During his first term, Trump said he was not “excited” about the strong dollar because it had made things difficult for U.S. exporters, such as Boeing.
But Bessent has also backed unorthodox policies that economists and investors say could increase volatility.
Earlier this year, he floated the idea of appointing a “shadow” Federal Reserve chairman, who would not sit on the U.S. central bank’s steering committee but would provide guidance on the future direction of monetary policy. Such an unprecedented move would undermine the influence of Jay Powell, the current chairman of the Fed.
Additional reporting by Alex Rogers
