A former executive at Democratic megadonor George Soros’ hedge fund, Bessent is some Trump advisors’ favored choice for arguably the top U.S. economic post after John Paulson dropped out of contention.

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.”

President-elect Donald Trump will nominate Scott Bessent to be his Treasury secretary, offering the hedge fund manager and major campaign fundraiser the preeminent economic post in his administration.

Scott Bessent campaigned for Trump all year and is seen as a figure who can make populist rhetoric palatable to Wall Street.

President-elect Donald Trump’s transition team is preparing to announce that he has selected Scott Bessent, who runs macro hedge fund Key Square Group, as the next US Treasury secretary, according to people familiar with the matter.

President-elect Trump will nominate Scott Bessent for Treasury Secretary, a Trump transition official told Fox News.