WASHINGTON: President-elect Donald Trump announced several high-profile nominations for his Cabinet on Friday, aiming to shape his economic team for his upcoming term. Billionaire hedge fund manager Scott Bessent, known for his focus on deficit reduction, was selected as the next Treasury Secretary.

In addition to Bessent, Trump revealed that he would nominate Russell Vought to lead the Office of Management and Budget, a position Vought previously held during Trump’s first presidency. Vought has been involved with Project 2025, a conservative framework for Trump's second term, despite Trump distancing himself from the plan during his campaign.

These choices illustrate Trump's effort to manage diverse viewpoints while pursuing a mixed economic agenda, which includes lowering taxes, reducing government expenditures, imposing tariffs on international imports, and aiming to decrease consumer costs in the U.S.

Bessent is seen as a figure who aligns with Wall Street, which could attract bipartisan support, while Vought is noted for his strong Republican stance on budget and cultural matters. Trump described Bessent as someone who would “help me usher in a new Golden Age for the United States” and praised Vought for his understanding of how to “dismantle the Deep State and end Weaponized Government.”

The pace of Trump's transition has been notably fast, with major Cabinet announcements continuing. Among them, Trump nominated Oregon Representative Lori Chavez-DeRemer as Labor Secretary, a Republican who has a solid reputation as a union advocate. He also chose Scott Turner, a former football player and previous member of Trump’s administration, for the role of Housing Secretary.

Trump’s selection process for key positions in health and national security has progressed swiftly. Within three weeks of the election, nearly the entire Cabinet has been decided.

Bessent, 62, is the founder of Key Square Capital Management, a hedge fund he established after working extensively with Soros Fund Management since 1991. If the Senate confirms him, he will become the first openly gay individual to hold the Treasury Secretary position.

In an August interview, Bessent emphasized the need to prioritize reducing the national debt, which he suggested should include significant cuts to government programs and other expenses. "This election cycle is the last chance for the U.S. to grow our way out of this mountain of debt without becoming a sort of European-style socialist democracy," Bessent said.

As of November 8, the national debt stands at $35.94 trillion. Both the Trump and Biden administrations have contributed to this figure, with Trump’s tenure adding $8.4 trillion and Biden’s adding $4.3 trillion, according to the Committee for a Responsible Federal Budget.

Despite advocating for debt reduction, Bessent supports extending elements of the 2017 Tax Cuts and Jobs Act, which Trump enacted during his first term. Various estimates suggest the tax cuts' overall impact could range between $6 trillion and $10 trillion over a decade. Most of the Act’s provisions are scheduled to expire at the end of 2025.

Before his involvement with Trump, Bessent supported various Democratic campaigns, including Al Gore's presidential bid in the early 2000s. He also played a pivotal role in George Soros' London operations, particularly during the well-known 1992 speculation against the British pound, which resulted in significant financial gains on "Black Wednesday."