Donald Trump has nominated Wall Street financier Scott Bessent to head the U.S. Treasury Department, a key position overseeing tax policy, public debt, international finance and sanctions.

The nomination, announced Friday evening, marks the conclusion of one of the most anticipated and drawn-out decisions in Trump’s second-term cabinet selection process.

Bessent, 62, a former associate of George Soros and an early supporter of Trump’s 2024 campaign, brings a wealth of financial expertise to the role. Having founded Key Square Capital Management in 2015, Bessent is known for his macroeconomic investment strategy.

Trump praised him as a leading “International Investor and Geopolitical and Economic Strategist,” adding that Bessent’s “America First” stance aligns with his administration’s goals, particularly in promoting U.S. competitiveness and addressing trade imbalances.

Bessent’s nomination as the Secretary of Treasury comes at a crucial time as the country faces debates over extending the tax cuts from Trump’s first term. In an interview earlier this year, he stressed that allowing the tax cuts to expire would be “the largest tax increase in U.S. history.” He is expected to prioritize tax policy, advocating for their extension and defending tariffs as a key negotiating tool, despite concerns in traditional economic circles about their long-term impact.

Bessent’s appointment signals Trump’s commitment to a protectionist economic agenda, though his stance on tariffs is seen as more moderate compared to other potential candidates for the role. His support for cryptocurrencies, too, aligns with Trump’s vision of making the U.S. a global leader in digital finance.

The Treasury Department is one of the most influential positions in the U.S. government, and if confirmed by the Senate, Bessent will be thrust into the ongoing debate over tax reform and trade policy.

With Trump calling for dramatic cuts to the federal debt and continuing to push for tariffs, Bessent’s leadership at Treasury could shape the direction of U.S. fiscal policy for years to come.

In addition to Bessent, Trump announced several other key nominations Friday. Republican Congresswoman Lori Chavez-DeRemer of Oregon was tapped for U.S. Labor Secretary, while Scott Turner, an NFL veteran, was chosen to lead the Department of Housing and Urban Development.

Trump also revealed health appointments, including Dr. Janette Nesheiwat as Surgeon General and Dr. Dave Weldon as CDC Director.

With these nominations, Trump’s cabinet for his second term is quickly taking shape, as he prepares to return to the White House in January, 2025.