Here's what to know about the Treasury secretary pick Bessent, who beat out a crowded field including former Fed official Kevin Warsh and billionaire Marc Rowan.

Scott Bessent, who prevailed after an intense lobbying effort by his allies, emerged over the past year as a trusted Trump adviser.

President-elect Donald Trump signaled Friday his intention to nominate hedge fund executive Scott Bessent as his Treasury secretary. Trump in a statement called the prospective nominee "one of the World's foremost International Investors and Geopolitical and Economic Strategists.