Billionaire hedge fund manager and investor Scott Bessent is President-Elect Trump’s choice to head the Treasury Department. He says tariffs will be his top priority.

Bessent’s early top responsibilities will include the effort to advance the Trump Administration’s tax initiatives, the plan to increase tariffs, and initiatives to roll back burdensome regulations (including, possibly, rules governing ESG (environmental, social and governance) investments). Bessent will be a key player—maybe the Administration’s most key player—in the looming and massive 2025 tax bill. He will also influence the Administration’s regulatory agenda.

Prospects: At this juncture, the Bessent nomination appears to be on track for quick confirmation by the Senate. However, lately there have been reports of unease due to the Trump team’s lack of vetting of the Trump nominees, and concerns about the billionaire’s potential conflicts of interest. Still, with other nominees far more controversial and coupled with Senate Republicans’ desire to accede to President-Elect Trump’s choices for his leadership team, it appears likely that Bessent will be confirmed soon after President Trump is inaugurated on January 20.

NAIFA Staff Contacts: Diane Boyle – Senior Vice President – Government Relations, at dboyle@naifa.org; or Jayne Fitzgerald – Director – Government Relations, at jfitzgerald@naifa.org.