The next treasury secretary will have a vast portfolio to employ Trump’s economic agenda.
President-elect Donald Trump on Nov. 22 announced Wall Street financier Scott Bessent as his Treasury secretary following weeks of speculation.
“Scott is widely respected as one of the world’s foremost international investors and geopolitical and economic strategists,” Trump said in a statement on the nomination. “Scott’s story is that of the American Dream.”
Bessent edged out other top names for the senior post, including former Federal Reserve Board member Kevin Warsh and Apollo Wealth Management CEO Marc Rowan.
Wall Street Veteran
Bessent, 62, is the founder of global macro investment firm Key Square Group and earned his fortune when he bet against the Japanese yen alongside progressive billionaire George Soros when serving as the chief investment officer of the Soros Fund Management a decade ago. He left the Soros-led firm to start Key Square, which received a $2 billion investment from Soros.
Before joining the Soros Fund Management in 1991, he interned with legendary investor Jim Rogers. Following his graduation from Yale in 1984, he was later employed at Brown Brothers Harriman, Kynikos Associates, and other investment firms.
He was an adjunct professor of economic history at Yale University from 2006 to 2011.
Bessent also sits on the university council at Yale and has endowed three scholarships at the institution.
In 2022, he established two philanthropic foundations and launched the McLeod Rehabilitation Center at the Shriners Hospital for Children in Greenville, South Carolina. Bessent is a supporter of two hospitals in New York and London.
Bessent has largely kept a low political profile.
He hosted a fundraiser for Al Gore and his 2000 presidential campaign. Throughout 2024, Bessent hosted fundraisers for Trump’s campaign.
As head of the Treasury Department, Bessent will navigate a plethora of portfolios, from cryptocurrency to tariffs.
Cryptocurrency Advocate
Bessent has been a vocal crypto advocate, lauding Trump’s approach to digital assets.
“I have been excited about the president’s embrace of crypto and I think it fits very well with the Republican Party, crypto is about freedom and the crypto economy is here to stay,” he recently said in an interview with Fox Business.
Bessent also touted Bitcoin’s influence over younger people and getting them into the financial markets.
By Andrew Moran
