WASHINGTON — On Friday, President-elect Donald Trump revealed plans to nominate Scott Bessent, a former manager for George Soros and a proponent of reducing the national debt, to the position of Treasury Secretary.

Bessent, who is 62 years old, is the founder of Key Square Capital Management, having spent several years working intermittently with Soros Fund Management since 1991. If the Senate confirms his nomination, he would make history as the first openly gay individual to hold the Treasury Secretary role.

In an interview with Bloomberg last August, Bessent expressed his motivation for joining Trump’s campaign, emphasizing the urgent need to address the growing U.S. national debt. He advocates for significant cuts to government programs and expenditures.

Bessent remarked, “This election cycle is the last chance for the U.S. to grow our way out of this mountain of debt without becoming a sort of European-style socialist democracy.” His nomination underscores a shift in fiscal policy priorities as the nation considers its economic future.