President-elect Donald Trump said in a statement Friday that he will nominate financier Scott Bessent as Treasury Secretary.

Bessent, 62, is the founder of Key Square Capital Management and has worked continuously for Soros Fund Management since 1991. If confirmed, he would be the first openly gay US Treasury Secretary. . He is a supporter of tight deficit control and has said he will work to reduce the United States' national debt.

"This election cycle is the last chance for the United States to get out of this mountain of debt without becoming some kind of European-style socialist democracy," he told Bloomberg news agency in August.

Mr. Trump also announced the appointment of Russell Thurlow Vought as Director of the Office of Budget Management and former lawmaker Lori Chavez-DeRemer as Secretary of the Department of Labor.

President-elect Trump also announced the appointment of former football coach Scott Turner to the post of Secretary of Housing and Urban Development and former State Department official Alex Wong to the post of deputy national security adviser.