President-elect Donald Trump announced on Friday evening that he is nominating prominent investor Scott Bessent to take on the role of Treasury secretary.
Wall Street has been closely watching who Trump will pick, especially given his plans to remake global trade through tariffs.
Bessent was picked from a crowded field of candidates for the coveted role.
That list included Apollo Global Management Chief Executive Marc Rowan and former Federal Reserve Governor Kevin Warsh. Investor John Paulson had also been a leading candidate, but dropped out while Wall Street veteran Howard Lutnick, another contender, was appointed as head of the Commerce Department.
Bessent has advocated for tax reform and deregulation, particularly to spur more bank lending and energy production, as noted in a recent opinion piece he wrote for The Wall Street Journal.
Reuters contributed to this report.