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.

WASHINGTON (AP) — President-elect Donald Trump announced Friday that he’ll nominate former George Soros money manager Scott Bessent, an advocate for deficit reduction, to serve as his next treasury secretary.

If confirmed, Bessent would runn the department that manages the nation's finances as well as its tax agency, the Internal Revenue Service.