Trump chooses Bessent to be treasury secretary, Vought as budget chief, Chavez-DeRemer for Labor

President-elect Donald Trump has chosen hedge fund manager Scott Bessent, an advocate for deficit reduction, to serve as his next treasury secretary. Bessent, 62, is founder of hedge fund Key Square Capital Management. He previously had worked on and off for Soros Fund Management since 1991. Trump also said he would nominate Russel Vought, 48, to lead the Office of Management and Budget, a position he held during Trump's first term. Bessent is closely aligned with Wall Street and could earn bipartisan support, while Vought is known as a Republican hardliner. And Trump chose Rep. Lori Chavez-DeRemer, an Oregon Republican, as his labor secretary.