Scott Bessent, Secretary of the Treasury
Official portrait, 2025
(His predecessor was Janet Yellen)
Scott Kenneth Homer Bessent (/ˈbɛsənt/ BESS-ənt; born August 21, 1962) is an American businessman and government official serving as the 79th United States secretary of the treasury since 2025. He was a partner at Soros Fund Management (SFM) and founded Key Square Group, a global macro investment firm.
Bessent graduated from Yale University in New Haven, Connecticut in 1984 with a B.A. degree in political science. After holding a series of financial positions, he was hired by Soros Fund Management in 1991, eventually becoming the head of its London office. While serving in the role in September 1992, he was a leading member of the SFM group which profited by $1 billion on Black Wednesday, the British pound sterling crisis. In 2013, he made another $1.2 billion profit for SFM, betting against the Japanese yen. After leaving the Soros Fund in 2015, Bessent established Key Square Group, a hedge fund.
Bessent served as an economic advisor, fundraiser, and major donor for the Donald Trump 2024 presidential campaign.[2] On November 22, 2024, President-elect Trump announced his nomination of Bessent for U.S. Treasury Secretary in the second Trump administration. Bessent was confirmed by the United States Senate on January 27, 2025, by a 68–29 vote, and sworn in as the 79th U.S. Treasury Secretary on January 28, 2025. He is the first openly gay person to lead the U.S. Treasury Department, and the second openly gay U.S. Senate-confirmed Cabinet secretary.[3]
Early life
Bessent was born Scott Kenneth Homer Bessent on August 21, 1962, in Conway, South Carolina,[4][5][6] to Barbara (née McLeod) and Homer Gaston Bessent Jr.[7][8][9][10] (one of three children acknowledged at the time of Homer's death).[10] The Bessent family is of French Huguenot and Scottish descent,[11] and had a Baptist affiliation at times in its history.[10] Scott's father, a man of many pursuits, including being an avid hunter and fisherman, founded and owned one of the Grand Strand's early real estate companies.[10] His mother, a local businesswoman, assumed responsibility for that business when Homer was ill for a period in the 1960s, "a most unusual feat for [the] era".[8][12] Scott's mother was married five times, twice to Bessent’s father (her first and third marriages), who at one point went bankrupt and has been called "the great love of her life".[8][12] Scott has two sisters, Paige, and Wyn, the latter died in 2022 after an illness.[7] John Jenrette, a disgraced member of the United States House of Representatives, was Scott Bessent's uncle.[13]
Bessent had a summer job as a busboy at age 9.[12] In 1980, he graduated from North Myrtle Beach High School in Little River, South Carolina.[14][15] He considered attending the United States Naval Academy in Annapolis, Maryland, but decided not to as he was unwilling to lie about his sexual orientation.[12]
Bessent graduated from Yale College in 1984 with a Bachelor of Arts degree with a major in political science.[9][16] He was on the board of the Yale Daily News, acted as president of the Wolf's Head Society, and was the class treasurer.[17][18] He also chaired the 1984 Yale Alumni Fund and was an assistant to the director of athletics.[9][19] As an undergraduate, Bessent interned with Jim Rogers, a co-founder of the Quantum Fund, after meeting him at a Yale career center event.[20]
Early and SFM work
After college, Bessent worked at Brown Brothers Harriman,[5][4][20] at the Riyadh, Saudi Arabia-based company Olayan Group,[5][4] and then at the hedge fund Kynikos Associates, under Jim Chanos.[5][4][20] In Business Insider, Julia La Roche connected Bessent's work with Chanos to his eventual opportunity at Soros Fund Management (SFM), noting that George Soros was a major Chanos client.[5] In the Yale Daily News, Asher Boiskin suggested Soros himself recruited Bessent.[20] Bessent joined SFM in 1991, eventually becoming head of the office in London.[citation ^needed] In 1992, he was a leading member of the SFM team whose bet on the Black Wednesday collapse of the British Pound sterling earned the firm over $1 billion.[5][21][22][23] Some sources, such as Forbes, call Bessent a "protégé" of Soros.[24][25]
After resigning from SFM in 2000, Bessent founded a $1 billion hedge fund, Bessent Capital.[5][26] The fund closed in 2005. He has said he learned that he should not change his style or the firm's approach because of investor preferences.[27] He was also a senior investment adviser to fund-of-funds Protégé Partners.[28][21] Bessent returned to SFM as chief investment officer from 2011 to 2015.[22] His bet against the Japanese yen in 2013 yielded more than $1.2 billion in profit in three months.[29]
From 2006 to 2011, Bessent was an adjunct professor of economic history at Yale teaching three courses.[27][21]
Key Square Group founding
Bessent left SFM in 2015 to launch Key Square Group, a hedge fund named after a spot on the chessboard, with Michael Germino, who had been the global head of capital markets at SFM. It received a $2 billion anchor investment from George Soros.[23][30][31][32][33] Key Square uses geopolitics and economics to make macro investments.[12][34] Its main fund returned 13% in 2016 but declined or broke even every year from 2017 to 2021 before making major gains in 2021, 2022 and 2023. The inconsistent track record scared away clients. Assets under management shrank from $5.1 billion in 2017[34][35] to $577 million in 2023 and the number of institutional investors declined from 180 to 20 over the same period. It earned a "double digits" percentage profit in 2024 betting that U.S. stocks would rise after Trump won the election.[36]
In 2018, as part of a prearranged deal, the firm returned Soros's investment as it took in other assets.[34] Its investors include Australia's sovereign wealth fund, Future Fund.[35] Bessent announced that he would sever ties with the group after assuming the role of treasury secretary.[37]
Bessent and his husband, John Freeman, have bought and sold at least 20 properties reportedly valued in total at over $127 million as of December 2024. They also oversaw the renovation of many of these.[38] In The Wall Street Journal, E. B. Solomont mentioned the following examples.[38][39] Bessent bought a house in Bedford Hills, New York, for $11.3 million in 2007, selling it in 2011 for $7.1 million.[38][39] Bessent bought a 9,700-square-foot house in Miami Beach for $9.5 million in 2010 and sold it in 2014 for $14.5 million.[38] Also in 2010, he bought a 10,700-square-foot home in Southampton, New York, for $9.95 million; he sold it for $19 million in 2019.[38] He purchased his unit at 720 Park Avenue for $19.25 million in 2017 and sold it for $15 million in 2021.[38] To this list of properties, Madeline Fitzgerald in Quartz, adds the $12 million 2007 purchase of a unit at One Sutton Place South in Manhattan (formerly owned by John F. Kennedy's sister[who?]), which sold for $9.5 million in 2009.[39]
In the reports, the 9,400-square-foot John Ravenel House, purchased by Bessent for $6.5 million in 2016, had not yet sold.[38][40] That renovation received an award from the Preservation Society of Charleston in 2021.[41] In March 2025, the property sold for $18.25 million, plus an additional $3 million for the furnishings and fixtures, the highest price ever paid for a house in Charleston.[42][43]
The Journal and other outlets emphasize Bessent's and Freeman's losses,[38][39] but the Journal says the work might not have been purely profit-driven, and the properties its article lists as having already sold reflects a net profit,[38] with the further sale of the John Ravenel House also without loss.[43]
Mortgage controversy
Citing reporting from Bloomberg that multiple other outlets picked up, in September 2007 Bessent reportedly designated through an attorney a Bedford Hills property and a property in Provincetown, Massachusetts, as his principal residences simultaneously on mortgage documents submitted to the Bank of America, despite rider documents referencing the properties as secondary residences (his primary residence being in Manhattan at the time), a matter that received attention because of the Trump administration's use of such disclosures as leverage against people in government it wishes to replace[44][45][46][47]—reporting that Bessent's legal representative called "nonsensical".[48]
Early involvement in politics
In 2000, Bessent hosted a fundraiser for Al Gore at his home in East Hampton, New York.[49] Also in 2000, he also donated $1,000 to John McCain.[12] In 2007, he donated $2,300 to Barack Obama and in 2013, he donated $25,000 to Hillary Clinton's campaign. At the time, he was said to be a Democrat who supported liberal causes.[50]
After Trump was elected president in 2016, Bessent donated $1 million to Trump's 2017 presidential inaugural committee.[51] In 2023 and 2024, he donated more than $1 million to Trump's 2024 presidential campaign.[52] In February 2024, Bessent hosted a fundraiser in Greenville, South Carolina, which raised nearly $7 million for Trump's 2024 campaign.[53] In April 2024, he was a host of a Palm Beach, Florida, fundraiser which raised $50 million for Trump's campaign.[54] In July 2024, Bessent was a key economic adviser to Trump.[55]
Secretary of the Treasury (2025–present)
Nomination and confirmation
On November 22, 2024, President-elect Donald Trump announced his intention to nominate Bessent to serve as the United States secretary of the treasury in his second administration.[56][2][57] On January 16, 2025, Bessent appeared before the United States Senate Committee on Finance. At his confirmation hearing, Bessent advocated for tax cut extensions and tougher economic policies on China and Russia.[58]
On January 21, 2025, the U.S. Senate Committee on Finance advanced Bessent's nomination to the Senate floor by a 16–11 vote.[59] On January 27, 2025, the U.S. Senate voted 68–29 to confirm Bessent's nomination.[60] The same day, a man with multiple Molotov cocktails and a knife who intended to murder Bessent was arrested at the United States Capitol.[61]
Tenure
On January 28, 2025, Bessent was sworn in as the 79th secretary of the treasury by U.S. Supreme Court justice Brett Kavanaugh.[62] Bessent became the first openly gay person to lead the U.S. Treasury Department and the second openly gay U.S. Senate-confirmed Cabinet secretary.[citation ^needed][63][failed ^verification]
On January 31, 2025, Bessent granted the Department of Government Efficiency team access to the Treasury Department's payment system.[64] On February 3, 2025, he was named the acting director of the Consumer Financial Protection Bureau; he immediately ordered the agency to halt all work.[65][66]
In February, Bessent and acting United States secretary of commerce Jeremy Pelter were tasked with implementing a United States sovereign wealth fund.[67] In April 2025, Trump initially named Gary Shapley as Commissioner of Internal Revenue, but Shapley was soon replaced by Michael Faulkender, Bessent's preferred pick, after Bessent lobbied Trump. This led to a dispute between Bessent and Elon Musk, reportedly causing a shouting match.[68]
On August 8, The New York Times reported that Trump was removing Billy Long as the commissioner of internal revenue in preparation for an ambassadorship nomination. Bessent was named as Long's acting successor.[69] In August 2025, the Office of Government Ethics notified Senate Committee on Finance chair Mike Crapo that Bessent "has failed to timely comply with certain terms of the ethics agreement he signed".[70][71][72][73]
In September 2025, Bessent reportedly clashed with Federal Housing Finance Agency director Bill Pulte and threatened to punch him.[74] On September 24, Bessent announced a planned $20 billion economic lifeline to Argentina, to purchase government bonds and help stabilize the nation's economy.[75] The purchase was finalized on October 9.[76] On October 15, Bessent said he was negotiating deals for the private sector to give Argentina another $20 billion, adding that several banks and sovereign wealth funds had expressed interest.[77]
Also on October 15, Bessent said the U.S. would work to create a strategic mineral reserve, potentially with JPMorgan Chase. He added that the U.S. would set price floors across multiple industries, and potentially take equity stakes in other rare-earth companies in order to reduce reliance on China, as the U.S. Department of War did in July 2025 with MP Materials.[78] On October 22, the U.S. imposed sanctions on Russian energy companies Rosneft and Lukoil over continued fighting in Ukraine. Bessent said in a statement: "Given President Putin’s refusal to end this senseless war, Treasury is sanctioning Russia’s two largest oil companies that fund the Kremlin’s war machine. We encourage our allies to join us in and adhere to these sanctions."[79] On November 28, after the 2025 Washington, D.C., National Guard shooting, Bessent announced that the Treasury Department would move to reclassify certain tax credits as federal public benefits so as to "cut off federal benefits to illegal aliens and preserve them for U.S. citizens." Affected tax credits will include the American Opportunity Tax Credit and the earned income tax credit, among others.[80]
Domestic
Bessent has characterized the present U.S. economy as a "barbell economy", explaining that while it has powerful financial and raw material sectors, it also possesses a weakened middle class.[81] He proposed a three-point economic plan for Trump modeled on Abenomics (lower deficit, monetary easing, and fiscal stimulus).[82] Bessent opposes raising the federal minimum wage in the United States, arguing that it is "more of a statewide and regional issue".[83] He supports lowering interest rates,[84] continuing Social Security,[85][86][87] reducing government intervention in the economy, easing Supplementary Leverage Ratio regulations on banks,[88] and expanding nuclear power.[89] He also supported the One Big Beautiful Bill Act,[90] praising the creation of Trump Accounts.[87]
Bessent supports a strong dollar policy,[91] differing from Trump and Vice President JD Vance, who have spoken in favor of a weak dollar policy.[92] He has been labeled a gold bug, calling gold a historical "store of value".[93] Bessent is pro-crypto and supports federal regulations on stablecoins.[94] After the plan to phase out the penny due to its negative seigniorage, Bessent expressed support for changing the composition of the nickel to cheaper materials to get production costs below 5 cents.[95]
Bessent opposes the creation of a U.S. central bank digital currency.[96] He supports the establishment of a U.S. sovereign wealth fund, and has proposed including government-sponsored enterprises in the fund.[97] Bessent supports raising FDIC insurance limits on bank accounts; as of 2025 they are set at $250,000.[98] Bessent supports abolition of the U.S. Senate filibuster.[99]
Bessent proposed seeking an early confirmation of a replacement for Chair of the Federal Reserve Jerome Powell, whose term expires in May 2026, as a way to reduce Powell's influence,[100][101] prompting some criticism.[102] Bessent later "walked back" the idea.[103]
n 2022, Bessent praised Trump and former Japanese prime minister Shinzo Abe for containing China. He called China "ever more antagonistic".[104] Bessent has supported tariffs in the second Trump administration.[105] In a November 2024 Fox News op-ed, he wrote that the "U.S. opened its markets to the world, but China's resulting economic growth has only cemented the hold of a despotic regime" and argued tariffs "are a means to finally stand up for Americans".[106] In March 2025, amid Trump's threats to impose tariffs on Canada and Mexico, Bessent defended the tariffs, saying, "access to cheap goods is not the essence of the American Dream."[107] In April 2025, after Trump announced Liberation Day tariffs, Bessent warned countries against retaliating, promising escalation.[108][109] On April 9, Trump paused many of the tariffs; Bessent and Commerce Secretary Howard Lutnick were credited with convincing Trump to do so.[110] Bessent has advocated pressuring U.S. trading partners to restrict their economic relationships with China.[111][112]
In August 2025, Bessent accused India of profiting from reselling Russian oil during Russia's war against Ukraine and said, "This is what I would call the Indian arbitrage—buying cheap Russian oil, reselling it as product. They've made $16 billion in excess profits—some of the richest families in India."[113]
In September 2025, Bessent voiced support for more secondary sanctions on Russia to "collapse" the Russian economy, saying the Trump administration is "prepared to increase pressure on Russia, but we need our European partners to follow us."[114] After an October 2025 meeting between two leaders at the APEC Summit in South Korea, Bessent said that China's decision to restrict rare earth exports may have been a strategic miscalculation, as it encouraged other countries to reduce reliance on Chinese supplies and develop alternative sources. He suggested that the policy could lessen China's leverage within two years as global supply chains diversify.[115]
Professional affiliations
Wealth
According to his financial assets disclosure by the U.S. Office of Government Ethics, Bessent's net worth was at least $521 million as of December 28, 2024; his actual net worth is speculated to be around $600 million.[117] At that time, he owned more than $50 million in each of the SPDR S&P 500 ETF Trust, the Invesco S&P 500 Equal Weight ETF, and the Invesco QQQ, as well as real estate in the Bahamas worth $5 million to $25 million and a home in Cashiers, North Carolina, worth $5 million to $25 million.[118] In 2025, he owned farmland worth up to $25 million in North Dakota that provides him a rental income of up to $1 million per year.[119][120] Bessent said he divested his North Dakota farmland in December 2025 as part of his ethics agreement as secretary of the treasury.[121]
Personal life
Bessent lives in Charleston, South Carolina, and Washington, D.C.[122][123] He previously lived in Greenwich, Connecticut.[124] He is a member of the Huguenot Church,[125] a religious association whose expansion his ancestors supported in 1680.[11] He married John Freeman, a former New York City prosecutor, in 2011. They have two children, born through surrogacy.[126]
Bessent has had close friendships with King Charles III and Robert Trump. Robert's ex-wife, Blaine Trump, is the godmother of Bessent's daughter.[127]
Clubs
Bessent has participated in Dialog, a secretive, invitation-only social club founded by Peter Thiel and Auren Hoffman.[133] He is a member of the Economic Club of New York.[134][135]
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