President-elect Donald Trump says he plans to nominate hedge fund manager Scott Bessent to serve as secretary of the treasury.

Starting in 1991, Bessent worked for Soros Fund Management for close to a decade. He founded Key Square Group in 2015, a hedge fund which invests based on principles of macroeconomics, such as global exchange rates and geopolitical developments. It initially received $2 billion in funding from George Soros and at one time it had more than $5 billion in assets.

Bessent has been an active fundraiser for Trump in recent years, having hosted events that brought in more than $50 million for the campaign.

In a statement on the nomination, Trump said Bessent would be working to reinforce the U.S. Dollar and trim national debt.

"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," he wrote.

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The treasury secretary also serves as a member of the National Security Council. The position is distinct from that of the chairman of the Federal Reserve, who is also appointed by the president but reports to Congress.

Bessent's nomination is subject to Senate confirmation.

This is a developing story and will be updated.