WASHINGTON, D.C. - President-elect Donald Trump has named South Carolina native Scott Bessent as his pick to serve as the next secretary of the United States Department of the Treasury.

“Scott will support my Policies that will drive U.S. Competitiveness, and stop unfair Trade imbalances, work to create an Economy that places Growth at the forefront, especially through our coming World Energy Dominance." said Trump.

Bessent most recently advised the president-elect on economic policy during his campaign and is the founder of hedge fund, Key Square Capital Management.

"This election cycle is the last chance for the U.S. to grow our way out of this mountain of debt without becoming a sort of European-style socialist democracy." said Bessent.

As a key cabinet member, Bessent would advise the president on economic and fiscal matters, including spending and taxes. If confirmed by the Senate, Bessent's first few days could be the most challenging, as he'll have to face the pressure to address the federal debt limit, along with some of Trump's campaign promises.

According to the Associated Press, Bessent would also be the first openly gay Treasury Secretary, as well as the first LGBTQ Senate-confirmed Cabinet member in a Republican administration.