President-elect Donald Trump announced his intended nominations to lead the U.S. Treasury Department and the Department of Housing and Urban Development (HUD) this past week, along with several others.
Scott Bessent is Trump’s pick to lead the Treasury. He is a Wall Street financier and former Soros Fund Management investing chief and is also the founder and CEO of Key Square Corp.
“Scott has long been a strong advocate of the ‘America First’ agenda,” the president-elect wrote on Truth Social. “On the eve of our great country’s 250th anniversary, he will help me usher in a new golden age for the United Stated, as we fortify our position as the world’s leading economy, center of innovation and entrepreneurialism, destination for capital, while always, and without question, maintaining the U.S. dollar as the reserve currency of the world.”
If confirmed for the role, Bessent would become one of Trump’s top economic advisers and assume responsibility for helping to implement his economic policy agenda. This agenda, as indicated during his campaign, would include efforts to implement broad-based tariffs and extend the 2017 Tax Cuts and Jobs Act, which is set to expire at the end of 2025.
The pick was welcomed by many in the business and finance community, who were worried Trump might go in a more unconventional direction as he has with other nominees.
“As an experienced and accomplished businessman, we applaud Mr. Bessent’s recent comments in which he has called for a surge in small business optimism, a smart deregulatory banking agenda, and support for Main Street,” Consumer Bankers Association President and CEO Lindsey Johnson said in a statement. “If confirmed, we look forward to working with Mr. Bessent to advocate for sound financial regulatory policy that enable banks to better support consumers, small businesses, and the economy at large.”
Former Texas State Rep. Scott Turner has been named as Trump’s nominee for HUD secretary. In addition to serving in the Texas House of Representatives from 2013 to 2017, Turner also was a professional football player for nine seasons, playing for NFL teams in Washington, San Diego, and Denver.
Turner is no stranger to a Trump administration. According to a report from NPR, Turner was appointed to lead a council tasked with addressing issues in distressed communities, including the steering of billions in private investment “Opportunity Zones” – places struggling with high unemployment and run-down housing. While the effort won bipartisan praise, NPR noted critics suggested the wealthy investors getting tax breaks saw more benefit than local residents.
Mortgage Bankers Association (MBA) President and CEO Bob Broeksmit congratulated Turner on his nomination.
“Pursuing policies and initiatives that help solve our nation’s housing affordability crisis for owners and renters should be a top policy priority under the Trump administration,” Broeksmit said in a release. “Scott’s leadership as executive director of the White House Opportunity and Revitalization Council in the first Trump administration, where, alongside [HUD] Secretary Ben Carson, he was instrumental in implementing Opportunity Zones, will serve him well.
“MBA is committed to working with the incoming HUD leadership and staff on policies and programs that boost housing supply, improve affordability, and address challenges and opportunities at the Federal Housing Administration and Ginnie Mae.”
U.S. Mortgage Insurers (USMI) President Seth Appleton joined MBA in congratulating Turner.
“USMI applauds the nomination of Scott Turner as the next HUD Secretary,” Appleton said in a release. “Scott is a distinguished leader whose housing, community development, non-profit, and public service experience prepare him well for this important role. Known for his passion for economic empowerment, Scott has consistently demonstrated a deep dedication to uplifting underserved communities. As a former colleague, I am confident that with his leadership and results-driven approach, Scott is poised to make a profound impact at HUD and I commend the president-elect for nominating him. USMI and the private mortgage insurance industry look forward to working with Scott Turner as HUD secretary to foster a coordinated and robust housing finance system that prudently enables sustainable homeownership for American families.”