Wall Street has been closely watching who Trump would choose, especially given his plans to remake global trade through tariffs and extend and potentially expand the raft of tax cuts enacted during his first term.
The choice of Bessent, 62, who has spent his career in finance, gives Wall Street an advocate for tax reform and deregulation. Some strategists said his nomination was a relief as he understands markets and his appointment could reduce the chance of severe tariffs.
The announcement - the most prominent of a flurry of Friday night appointments by Trump - caps a week where big name Wall Street luminaries' chance at the job oscillated on a daily basis.
Other names that had been considered included Apollo Global Management Chief Executive Marc Rowan and former Federal Reserve Governor Kevin Warsh. Investor John Paulson had also been a leading candidate, but dropped out, while Wall Street veteran Howard Lutnick, another contender, was appointed as head of the Commerce Department.
The choice came after days of deliberations by Trump as he sorted through a shifting list of candidates. Bessent spent day after day at Trump's Mar-a-Lago home in Florida providing economic advice, sources said, a proximity to the president-elect that may have helped him prevail.
"Scott is widely respected as one of the world's foremost international investors and geopolitical and economic strategists," said Trump as he announced the nomination in a statement released on Truth Social.
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