Scott Bessent appointed as U.S. Treasury Secretary after notable finance career

Scott Bessent, known for his role in the 1992 Bank of England crisis, has been appointed as the new U.S. Treasury Secretary. His experience includes significant hedge fund management and successful trades, notably against the British pound and Japanese yen. Bessent's career spans nearly four decades in finance, including leadership roles at various hedge funds. His recent fund, Key Square Capital, has seen reduced prominence, managing less than its initial $4.5 billion. As Treasury Secretary, Bessent will manage U.S. economic policy and fiscal health, including debt issuance and tax negotiations. His past experience with financial crises is viewed as a valuable asset for this role.