Who is Scott Bessent? What you need to know about Trump's Treasury secretary pick.

President-elect Donald Trump on Friday announced hedge fund billionaire Scott Bessent as his pick for U.S. Treasury secretary, choosing a former executive with Soros Fund Management who in recent years has been a vocal supporter of the former president's policies, from tariffs to spending cuts. 

If confirmed, Bessent would follow Janet Yellen, a labor economist who was the first woman to lead both the Federal Reserve and Treasury, in running the department that manages the nation's finances as well as its tax agency, the Internal Revenue Service.

Bessent, who had provided economic advice to the Trump campaign, has had a decades-long career in finance. He analyzed macroeconomic and geopolitical risks while working at the Soros Fund, where he served as chief investment officer, as well as at other hedge funds.