US President-elect Donald Trump is expected to pick billionaire Scott Bessent as his Treasury secretary, media outlets reported Friday, choosing the hedge fund manager to help execute an agenda promising tax cuts and tariffs.

Scott Bessent, the founder of the Connecticut-based hedge fund Key Square Group, has been making a full-court press for the post.

As a money manager, Scott Bessent's years of inconsistent performance have contributed to a nearly 90% decline in his hedge fund's assets. Now, with other business lines expanding, he has scored on perhaps his biggest bet yet: President-elect Donald Trump.