WASHINGTON (AP) — President-elect Donald Trump announced Friday that he’ll nominate hedge fund manager Scott Bessent, an advocate for deficit reduction, to serve as his next treasury secretary.

Trump also said he would nominate Russel Vought to lead the Office of Management and Budget, a position Vought held during Trump’s first presidency. Vought was closely involved with Project 2025, a conservative blueprint for Trump’s second term that he tried to distance himself from during the campaign.

The announcements Friday evening showed how Trump was fleshing out the financial side of his new administration. Although Bessent is closely aligned with Wall Street and could earn bipartisan support, Vought is known as a Republican hardliner.

Trump said Bessent would “help me usher in a new Golden Age for the United States,” while Vought “knows exactly how to dismantle the Deep State and end Weaponized Government.”

In a separate announcement, Trump said he had chosen Rep. Lori Chavez-DeRemer, an Oregon Republican, as his labor secretary.

“I look forward to working with her to create tremendous opportunity for American Workers,” Trump said in a statement.

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.