Scott Bessent

Kenneth Bessent
Born	(1962-08-21) August 21, 1962 Conway, South Carolina, U.S.
Occupation(s)	Public official, hedge fund manager
Years active	1984–present
Known for	79th United States Secretary of the Treasury; founder of Key Square Group; partner at Soros Fund Management

Scott Kenneth Homer Bessent ( ; born August 21, 1962) is an American public official and ex-hedge fund manager who has held the position of the 79th United States Secretary of the Treasury since 2025. Previously, he was a partner at Soros Fund Management (SFM) and later founded Key Square Group, an investment firm focused on global macro strategies.

Bessent completed his undergraduate studies at Yale College in 1984. He joined Soros Fund Management in 1991 and eventually took charge of its London operations. He was instrumental in generating $1 billion during the 1992 British Pound sterling crisis known as Black Wednesday, and in 2013, he secured another $1.2 billion for SFM by shorting the Japanese yen. Following his departure from Soros Fund in 2015, he launched Key Square Group, a hedge fund concentrating on global macro investments.

In addition to his investment career, Bessent acted as an economic advisor, fundraiser, and significant contributor to the Donald Trump 2024 presidential campaign. On November 22, 2024, President-elect Trump nominated him to serve as Treasury Secretary. The United States Senate confirmed his appointment on January 27, 2025, with a vote tally of 68–29; he officially assumed office the following day.

He is recognized as the second openly gay man to hold a Cabinet position (following Pete Buttigieg) and is among five openly gay men to have served in cabinet-level roles. Given that the Treasury Secretary is fifth in the United States presidential line of succession, Bessent stands as the highest-ranking openly LGBT individual in U.S. federal government history.

Early life

Born on August 21, 1962, in Conway, South Carolina, Bessent is the eldest of three siblings born to Barbara (née McLeod) and Homer Gaston Bessent Jr., who worked as a real estate agent. His mother remarried five times, while his father experienced bankruptcy due to unsuccessful real estate ventures. His heritage includes both French Huguenot and Scottish ancestry. He has one surviving younger sister named Paige; another sister, Wyn, passed away in 2022. Notably, former U.S. Representative John Jenrette, associated with the Abscam scandal, is Bessent’s uncle.

At age nine, Bessent undertook his first summer employment. He graduated from North Myrtle Beach High School located in Little River, South Carolina in 1980. Although he considered enrolling at the United States Naval Academy, he opted against it due to reluctance to hide his sexual identity.

Bessent obtained a Bachelor of Arts degree in political science from Yale University in 1984. During his time there, he served as editor of the Yale Daily News, held the presidency of the Wolf's Head Society, managed finances as treasurer for his graduating class of 1984, chaired the Yale Alumni Fund, and assisted the director of athletics.

Investing career

Bessent secured an internship with Jim Rogers after meeting him through a Yale Career Center event. Following graduation, he worked at Brown Brothers Harriman and later with Jim Chanos at Kynikos Associates before joining Soros Fund Management (SFM) in 1991. He eventually became head of SFM’s London office. In 1992, Bessent played a pivotal role on the team whose wager against the British pound during Black Wednesday earned more than $1 billion for the firm. Some accounts, including those from Forbes, describe him as a "protégé" of SFM founder George Soros.

After departing SFM in 2000, Bessent established Bessent Capital, a hedge fund managing $1 billion that ceased operations in 2005. Throughout this period, he prioritized adhering to his investment philosophy despite investor pressures. Additionally, he acted as senior investment adviser to fund-of-funds manager Protégé Partners. Returning to SFM as chief investment officer from 2011 until 2015, his notable short position against the Japanese yen in 2013 yielded profits exceeding $1.2 billion within three months.

Between 2006 and 2011, Bessent also contributed academically as an adjunct professor of economic history at Yale University, where he taught three courses.

Key Square Group

In 2015, Bessent departed from SFM to establish Key Square Group, a hedge fund co-founded with Michael Germino, who previously served as SFM’s global head of capital markets. The fund’s name is inspired by a position on a chessboard. George Soros provided a $2 billion anchor investment to launch the firm. Key Square specializes in macroeconomic investments influenced by geopolitical and economic trends. While its flagship fund posted a 13% gain in 2016, it experienced either losses or stagnant returns from 2017 through 2021, before registering strong profits in 2021, 2022, and 2023. This volatility contributed to a decline in client retention, with assets under management shrinking from $5.1 billion in 2017 to $577 million by 2023, alongside a drop in institutional investors from 180 to just 20. The fund returned to generating "double-digit" gains in 2024.

In 2018, under a prearranged agreement, the firm returned Soros's capital while attracting investments from other sources, including Australia's sovereign wealth fund, the Future Fund. Upon his selection as Treasury Secretary, Bessent announced his intention to cut ties with Key Square to prevent any conflicts of interest.

Early involvement in politics

Bessent’s political engagement dates back to 2000 when he hosted an Al Gore fundraiser at his East Hampton residence and donated $1,000 to John McCain. He supported liberal candidates by contributing $2,300 to Barack Obama in 2007 and $25,000 toward Hillary Clinton’s 2013 campaign.

Following Donald Trump’s victory in 2016, Bessent donated $1 million to Trump’s inaugural committee for the 2017 presidency. Between 2023 and 2024, he contributed over $1 million to Trump’s reelection campaign for the 2024 election cycle.

In February 2024, Bessent hosted a fundraiser in Greenville, South Carolina that raised close to $7 million for Trump’s campaign. Two months later, he co-hosted an event in Palm Beach, Florida which generated $50 million. By July of that year, Bessent had become one of Trump’s principal economic advisors.

Nomination and confirmation

On November 22, 2024, President-elect Trump declared his plan to nominate Bessent as the United States Secretary of the Treasury for his second term. Bessent testified before the Senate Finance Committee on January 16, 2025, where he defended tariff policies, endorsed extensions of tax cuts, and advocated for stricter economic measures against China and Russia.

The Senate Finance Committee moved Bessent’s nomination forward on January 21 with a vote of 16–11. The full Senate confirmed him on January 27 by a margin of 68–29. On the same day, authorities apprehended an individual at the U.S. Capitol who was carrying multiple Molotov cocktails and a knife with apparent intent to harm Bessent.

Tenure

Bessent was officially sworn in as the nation’s 79th Treasury Secretary on January 28, 2025, by Supreme Court Justice Brett Kavanaugh. He made history as the first openly gay individual to lead the Treasury Department and only the second openly gay Cabinet member confirmed by the Senate.

On January 31, Bessent authorized Elon Musk and his Department of Government Efficiency team to access the Treasury Department’s payment infrastructure.

By February 3, Bessent assumed the role of acting Director of the Consumer Financial Protection Bureau and promptly directed the agency to suspend all ongoing activities.

During February, Bessent collaborated with acting United States Secretary of Commerce Jeremy Pelter on establishing a U.S. sovereign wealth fund.

In April 2025, after lobbying efforts directed at President Trump, Bessent succeeded in appointing Michael Faulkender as Commissioner of Internal Revenue, replacing Gary Shapley—a move that sparked tensions between Bessent and Elon Musk.

Domestic

Bessent characterizes the U.S. economy as a "barbell," marked by robust financial and raw material industries alongside a diminished middle class. He suggested a three-pronged economic strategy for Trump, inspired by Abenomics, focusing on deficit reduction, monetary easing, and fiscal stimulus.

He is against increasing the federal minimum wage in the United States, considering it primarily a local concern, and advocates lowering interest rates to ease borrowing expenses. Bessent supports federal oversight of stablecoins.

As a recognized gold bug, he regards gold as a time-tested "store of value" and stands opposed to the development of a U.S. central bank digital currency. He endorses discontinuing the penny due to its negative seigniorage effect and proposes altering the nickel to use less costly materials.

Favoring a strong dollar policy, Bessent's stance contrasts with that of Trump and Vice President JD Vance, who prefer a weaker dollar. He supports maintaining Social Security, though some interpret his remarks as hinting at privatization.

He champions the creation of a U.S. sovereign wealth fund, suggesting it incorporate government-sponsored enterprises. Bessent endorsed the One Big Beautiful Bill Act, which features provisions such as No Tax on Tips, No Tax on Overtime, and tax reductions for seniors.

Bessent advocates for nuclear power expansion and reducing government interference, arguing that private-sector employment fosters quicker wage increases. He favors loosening Supplementary Leverage Ratio requirements imposed on banks.

He recommended pursuing early confirmation of a successor to Chair of the Federal Reserve Jerome Powell to diminish Powell's influence—a proposal that experts like Ed Yardeni criticized as hazardous. Subsequently, Bessent retracted this suggestion.

Foreign

In 2022, Bessent commended Trump and former Japanese prime minister Shinzo Abe for their efforts in containing China, which he described as increasingly hostile.

He supported tariff measures during Trump's second term. In a November 2024 op-ed for Fox News, Bessent argued that although the U.S. embraced global market openness, China's rise has strengthened an authoritarian regime, making tariffs essential to protect American interests. Amid Trump's 2025 threats to impose tariffs on Canada and Mexico, Bessent defended these actions, asserting that "access to cheap goods is not the essence of the American Dream." After the introduction of Liberation Day tariffs in April 2025, he cautioned against retaliatory measures from other nations and vowed to escalate if needed.

On April 9, 2025, Trump suspended numerous tariffs—a decision credited to Bessent and Commerce Secretary Howard Lutnick. Additionally, Bessent has promoted pressuring U.S. trade partners to curb economic engagement with China, aiming to isolate Beijing through coordinated tariff strategies with allied countries.

Personal life

Bessent lives in both Charleston, South Carolina, and Washington, D.C.. He is affiliated with the Huguenot Church, a faith community his forebears supported since 1680.

Openly gay, Bessent married John Freeman, a former prosecutor from New York City, in 2011. Together they have two children through surrogacy.

He maintains close relationships with King Charles III and Robert Trump. Robert Trump's former spouse, Blaine Trump, serves as godmother to Bessent's daughter.

Board memberships

Prior to his appointment as treasury secretary, Bessent was a member of the university council at Yale University. Together with his sister, he contributed the Bessent Library to Yale and funded three scholarships targeting first-generation college attendees, individuals from South Carolina, and residents of the Bronx.

At Rockefeller University, he led the investment committee and participated in the executive committee of the board of trustees. Additionally, he formerly held a position on the board of God's Love We Deliver, an organization dedicated to providing meals for homebound individuals living with AIDS. Bessent also serves as a trustee for the Classical American Homes Preservation Trust, now known as the Richard Hampton Jenrette Foundation, and has been involved with the board of the Spoleto Festival USA in Charleston. He holds membership in the Council on Foreign Relations as well.

Philanthropy

In 2022, Bessent founded two charitable organizations and was instrumental in establishing the McLeod Rehabilitation Center at the Shriners Hospital for Children located in Greenville, South Carolina. His philanthropic efforts extend to supporting London's King's Trust and New York City's Harlem Children's Zone. Moreover, he has contributed to preserving Charleston’s Nathaniel Russell House, a recognized National Historic Landmark.

Wealth

Throughout his career, Bessent has transacted more than 20 real estate properties totaling over $127 million in value, many of which he personally renovated. While some investments yielded gains, he experienced losses on at least eight properties. For instance, he acquired a residence in Bedford Hills, New York for $11.3 million in 2007 but sold it four years later for $7.1 million, resulting in a $4.2 million loss. Similarly, a unit at One Sutton Place South was purchased for $12 million in 2007 and later sold at a loss for $9.5 million in 2009. On the other hand, he realized profits from renovated homes in Miami Beach and Southampton, selling them for $14.5 million and $19 million respectively.

In 2016, Bessent bought the 9,407-square-foot John Ravenel House for $6.5 million; his restoration work earned recognition from the Preservation Society of Charleston in 2021. He later sold this property in March 2025 for an unprecedented $18.25 million plus an additional $3 million for furnishings—setting a new record price for a house in Charleston.

According to disclosures filed with the U.S. Office of Government Ethics as of December 28, 2024, Bessent’s net worth was reported to be at least $521 million, with estimates approaching $600 million. His portfolio includes holdings exceeding $50 million each in the SPDR S&P 500 ETF Trust, Invesco S&P 500 Equal Weight ETF, and Invesco QQQ. Additionally, he owns real estate assets in the Bahamas and a residence in Cashiers, North Carolina, each valued between $5 million and $25 million.

Additional resources

• Steven Drobny, "The Stock Operator: Scott Bessent," Inside the House of Money

External resources

|-

|-