U.S. president-elect Donald Trump announced Friday that he'll nominate former George Soros money manager Scott Bessent, an advocate for deficit reduction, to serve as his next treasury secretary.

Bessent, 62, is the founder of hedge fund Key Square Capital Management, after having worked on-and-off for Soros Fund Management since 1991. If confirmed by the Senate, he would be the nation's first openly gay treasury secretary.

He told Bloomberg in August that he decided to join Trump's campaign in part to attack the mounting U.S. national debt. That would include slashing government programs and other spending.

"This election cycle is the last chance for the U.S. to grow our way out of this mountain of debt without becoming a sort of European-style socialist democracy," he said then.