President-elect Donald Trump announced this Friday that it has chosen a famous investor Scott Bessent as U.S. Secretary of the Treasury, a Cabinet position with broad influence over economic, regulatory, and international affairs.

“I am thrilled to nominate Scott Bessent to serve as the 79th Secretary of the Treasury,” Trump said in a statement posted on Truth Social. “Scott is highly respected as one of the world’s leading international investors, as well as geopolitical and economic strategists.”

Wall Street was closely watching Trump’s election, especially given his plans to overhaul global trade through tariffs.

Bessent was chosen from a large group of candidates for the coveted position, which CEO of Apollo Global Management enteredMark Rowan and former Federal Reserve Governor Kevin Warsh.

Investor John Paulson was also a leading candidate but withdrew, and Wall Street veteran Howard Lutnick, another contender, He was appointed director of the Ministry of Commerce..

Bessent, who did not immediately respond to a request for comment Reutersadvocated tax reform and deregulation, especially for stimulate increased bank lending and energy productionas he noted in a recent article he wrote for Wall Street Journal.

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The market rally since Trump’s election victory, he wrote, signals investor expectations for higher growth, lower volatility and inflation, and a vibrant economy for all Americans“.

Bessent joins other financial leaders who have held this position. including former Goldman Sachs executives Robert Rubin, Hank Paulson and Steven MnuchinTrump’s first Treasury chief. Janet Yellen, the current secretary and the first woman to hold that position, previously headed the Federal Reserve and the White House Council of Economic Advisers.

As 79th Minister of Finance Bessent will essentially be the highest-ranking US economic officialresponsible for maintaining the plumbing of the world’s largest economy, from collecting taxes and paying bills to running the $28.6 trillion Treasury market and overseeing financial regulation.

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The head of the treasury also leads the financial sanctions policy of the United States, oversees the International Monetary Fund, the World Bank and other international financial institutions and administers national security controls on foreign investment.

Bessent will face challenges such as safely managing the federal budget deficit, which is projected to will increase by almost $8 trillion over a decade because of Trump’s plans to extend tax cuts that expire next year and add generous new benefits, including eliminating taxes on Social Security income. (RTS)