The Treasury Secretary is a high-level Cabinet position charged with advising the president on matters related to financial, economic and tax policy.

Not surprisingly, U.S. Sen. Tim Scott, R-S.C., a member of the Senate Finance Committee as well as the Senate Banking Committee, commended his fellow South Carolinian, in a news release, saying Bessent will “usher in a tax code that enhances growth, investment and economic opportunity for all Americans.”

US President-elect Donald Trump is expected to pick billionaire Scott Bessent as his Treasury secretary, media outlets reported Friday, choosing the hedge fund manager to help execute an agenda promising tax cuts and tariffs.

Scott Bessent is an investor and hedge fund manager. He served as chief investment officer at Soros Fund Management before founding Key Square Group, an investment firm that focuses on macroeconomic strategies, including analyzing economic, political, and market conditions to place trades on currencies, interest rates, commodities and equities.

President-elect Donald Trump will nominate Wall Street veteran Scott Bessent to be the secretary of the U.S. Department of the Treasury, Trump announced Friday night. If confirmed by the Senate to be the department’s 79th secretary,

Donald Trump has nominated hedge fund manager Scott Bessent to lead the U.S. Treasury, ending speculation over who would hold the key economic position. In a statement posted to Truth Social on Friday, Trump championed Bessent as “one of the World's foremost International Investors.”

Fox News' Bryan Llenas reports the latest on Trump's Cabinet picks from West Palm Beach, Florida.

Bessent has been a major donor to Trump, giving $1 million to the Republican candidate for his 2016 inauguration.

If confirmed, the billionaire hedge fund manager will have authority in areas ranging from the IRS to economic sanctions. Also on the show, World of Warcraft turns 20.