Trump expected to pick Bessent to be US treasury secretary, sources say

By Steve Holland and Alexandra Ulmer -President-elect Donald Trump is expected to pick prominent investor Scott Bessent to take on the role of U.S. Treasury secretary, sources told Reuters on Friday, putting him at the helm of a cabinet position with vast influence over economic, regulatory and international affairs. Bessent follows other financial luminaries who have taken the job, including former Goldman Sachs executives Robert Rubin, Hank Paulson and Steven Mnuchin, Trump's first Treasury chief. ECONOMY'S QUARTERBACK As the 79th Treasury secretary, Bessent would essentially be the highest-ranking U.S. economic official, responsible for maintaining the plumbing of the world's largest economy, from collecting taxes and paying the nation's bills to managing the $28.6-trillion Treasury debt market and overseeing financial regulation, including handling and preventing market crises. The Treasury boss also runs U.S. financial sanctions policy, oversees the U.S.-led International Monetary Fund, World Bank and other international financial institutions, and manages national security screenings of foreign investments in the U.S. Bessent would face challenges, including safely managing federal deficits that are forecast to grow by nearly $8 trillion over a decade due to Trump's plans to extend expiring tax cuts next year and add generous new breaks, including ending taxes on Social Security income. Managing debt increases this large without market indigestion will be a challenge, though Bessent has argued Trump's agenda would unleash stronger economic growth that would grow revenue and shore up market confidence.