What to know about Scott Bessent, Trump's pick for treasury secretary

abcnews.go.com:

President-elect Donald Trump has chosen money manager Scott Bessent, an advocate for deficit reduction and deregulation, to serve as his next treasury secretary

WASHINGTON — WASHINGTON (AP) — President-elect Donald Trump has chosen money manager Scott Bessent, an advocate for deficit reduction and deregulation, to serve as his next treasury secretary.

Bessent is a past supporter of Democrats who has become an enthusiastic supporter of Trump. He’s an advocate of cutting spending while extending the tax cuts approved by Congress in Trump’s first term.

Here are four things to know about the South Carolina billionaire who, if confirmed by the Senate, will manage the nation's finances:

Before becoming a Trump donor and adviser, Bessent donated to various Democratic causes in the early 2000s, notably Al Gore’s presidential run. He also worked for George Soros, a major supporter of Democrats.

Bessent had an influential role in Soros’ London investment operations, including his famous 1992 bet against the pound, which generated huge profits on “Black Wednesday,” when the pound was de-linked from European currencies.

Bessent has backed extending provisions of the Tax Cuts and Jobs Act of 2017, which Trump signed into law in his first year in office, though estimates from various economic analysis of the costs of the various tax cuts range between nearly $6 trillion and $10 trillion over 10 years.

Bessent calls for spending cuts and shifts in existing taxes to offset the costs that the tax extension would add to the federal deficit.

“That’s going to be a negotiation with the Republican Congress," Bessent told CNBC on Nov. 6. “I’ve already been in conversations with a lot of the Republicans who will chair those committees," he