Trump has announced that Russel Vought will be nominated to lead the Office of Management and Budget, a position Vought previously held during Trump’s first presidency. Vought played a key role in Project 2025, a blueprint for Trump’s second term that he distanced himself from during the campaign.
These announcements on Friday evening highlighted Trump’s focus on the financial aspects of his new administration. While Bessent is closely tied to Wall Street and may receive bipartisan support, Vought is known for his hardline Republican stance.
Trump praised Bessent as someone who will help bring about a new Golden Age for the United States, while Vought is seen as someone who understands how to dismantle the Deep State and end Weaponized Government.
In another announcement, Trump revealed that Rep. Lori Chavez-DeRemer, an Oregon Republican, will be his labor secretary.
Trump stated, “I look forward to working with her to create tremendous opportunity for American Workers.”
Bessent, 62, is the founder of hedge fund Key Square Capital Management, having worked with Soros Fund Management since 1991. If confirmed by the Senate, he would become the nation’s first openly gay treasury secretary.
In August, Bessent explained that he joined Trump’s campaign to address the growing U.S. national debt by cutting government programs and spending.
As of Nov. 8, the national debt stands at $35.94 trillion, with both Trump and Biden administrations contributing to it. Trump added $8.4 trillion to the debt, while Biden increased it by $4.3 trillion.
While pushing to reduce the national debt, Bessent supports extending provisions of the Tax Cuts and Jobs Act of 2017 that Trump signed into law.
Before becoming a Trump donor and adviser, Bessent supported various Democratic causes and worked for George Soros. He played a significant role in Soros’ London operations, including the famous 1992 bet against the pound.
Bessent’s selection as treasury secretary was not surprising, as he was among the names considered for the role. Trump praised him during an event, calling him “one of the top analysts on Wall Street.”
In addition to tariffs and budget proposals, Bessent has suggested various strategies to pressure Federal Reserve Chair Jerome Powell, including naming a replacement chair early.
Trump repeatedly criticized Powell during his first term, expressing his desire to have a say in the central bank’s decisions on interest rates.
Bessent and his husband, John Freeman, have been married since 2011 and have two children.
Vought, 48, served as the head of the Office of Management and Budget during Trump’s first term and later founded the Center for Renewing America.
The Center released a budget proposal titled “A Commitment to End Work and Weaponized Government,” aiming to reduce spending by $11.3 trillion over 10 years and cut income taxes by $2 trillion to achieve a budget surplus by 2032.
Vought has a background in government finances and Christian faith, having worked for conservative House Republicans and the Heritage Foundation.
His budget plan involves cuts to various government departments, including food aid, healthcare, and affordable care programs.
Vought’s budget proposals are independent of Trump’s economic plans, which have focused on income tax cuts and tariff hikes.
Associated Press writer Josh Boak contributed to this report.
