President-elect Donald Trump has tapped billionaire hedge fund manager and investor Scott Bessent to serve as Secretary of the Treasury, according to multiple reports.

Bessent is billed as a crypto-currency enthusiast and an advocate of deregulation. He will also be a key figure in using America's economic power to support its diplomatic priorities.

He has advocated for his version of Japan's "three arrows" plan as a focus for economic revitalization: 3% real growth, a deficit of 3% of GDP, and "3 million more oil barrels flowing a day from U.S. energy production."

Scott Bessent, born in 1962 in Conway, South Carolina, is an American investor, board member, and educator. He has been considered for the position of U.S. Treasury Secretary in the incoming Donald Trump administration following the 2024 election. Here is a summary of his… pic.twitter.com/t5gjdPM6bC

— Occidentally on Purpose🥩 (@occidentally) November 12, 2024

Following the trend set in other announcements this week, Bessent has been a Trump loyalist since his first term despite being an Al Gore fundraiser in 2000 and one of George Soros's inner circle. 

Bessent is a known quantity on Wall Street and has Trump's trust. Those qualities, in combination, promise a swift end to the stagflation of Bidenomics.