Trump select NFL veteran Scott Turner as housing and Urban Development secretary

In a statement, Trump praised Turner for “leading an unprecedented effort that transformed some of the nation’s most distressed communities”, according to are report by Associated Press. 

The announcement came alongside other key appointments, including hedge fund manager Scott Bessent as Treasury Secretary. Trump hailed Bessent as someone who would “help usher in a new golden age for the United States.”

Bessent, 62, founded the hedge fund Key Square Capital Management and previously worked at Soros Fund Management. If confirmed by the Senate, he would become the nation’s first openly gay Treasury Secretary.

Bessent, an advocate for tackling the national debt, has called for significant cuts to government spending and reforms to entitlements. “This election cycle is the last chance for the US to grow out of its mounting debt without turning into a European-style socialist democracy,” he told Bloomberg in August.

Trump’s fiscal policies have been controversial. During his first presidency, Trump added $8.4 trillion to the national debt, compared to the $4.3 trillion increase under President Joe Biden, according to the Committee for a Responsible Federal Budget.

Bessent has supported extending the 2017 Tax Cuts and Jobs Act, which is projected to cost between $6 trillion and $10 trillion over a decade. He also suggested using tariffs, particularly on China, as a strategic tool for foreign policy objectives, including combating illegal immigration and drug trafficking.

Trump also announced the nomination of Russell Vought to head the Office of Management and Budget. Vought, who held the position during Trump’s first term, has been a staunch conservative voice on budgetary issues. He led efforts to cut spending and reduce government programmes, proposing significant reforms to Medicaid, Medicare, and the Affordable Care Act.

Vought’s proposals, outlined through the Centre for Renewing America—a think tank he founded—include a $11.3 trillion reduction in federal spending over the next decade.

Additionally, Trump selected Republican Congresswoman Lori Chavez-DeRemer of Oregon as Labour Secretary. Trump said he looks forward to working with her to “create tremendous opportunities for American workers”, as reported by AP.

Bessent’s appointment is expected to face scrutiny due to his ties to George Soros and Wall Street, as well as his remarks about potentially replacing Federal Reserve Chair Jerome Powell. While Powell has stated he would not step down early, Bessent had previously floated the idea of appointing a “shadow” chair to influence monetary policy.

The announcements showcase Trump’s focus on assembling a team to tackle economic and financial issues while pursuing a conservative agenda. As his second term takes shape, Trump’s appointments indicate a continued emphasis on fiscal conservatism, deregulation, and aggressive trade policies.

(with inputs from AP)