Bessent, if confirmed, would be the first out member of the LGBTQ+ community to lead the department. His nomination still doesn't mean Trump is an ally, however.

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

President-elect Donald Trump on Friday said he will nominate prominent investor Scott Bessent as U.S. Treasury secretary, ending days of twists that saw high profile candidates pitted against each other for the cabinet position with vast influence over economic,