President-elect Donald Trump has picked Scott Bessent, a hedge fund manager and major Trump fundraiser, to be his next Treasury secretary, people familiar with the decision said. Bessent, who has been among Trump’s biggest allies on Wall Street, emerged over the past year as a key economic adviser during the presidential campaign.

President-elect Donald Trump on Friday asked Scott Bessent, a top fundraiser to his campaign, to serve as secretary of the Treasury Department, two sources familiar with the matter confirmed to NBC News.