Scott Bessent | |
|---|---|
.jpg) Official portrait, 2025 | |
| 79th United States Secretary of the Treasury | |
| Assumed office January 28, 2025 | |
| President | Donald Trump |
| Deputy | Michael Faulkender Derek Theurer (acting) |
| Preceded by | Janet Yellen |
| Commissioner of Internal Revenue | |
Acting | |
| Assumed office August 8, 2025 | |
| President | Donald Trump |
| Deputy | Gary Shapley |
| Preceded by | Billy Long |
| Director of the Consumer Financial Protection Bureau | |
| Acting February 3, 2025 – February 7, 2025 | |
| President | Donald Trump |
| Deputy | Zixta Martinez |
| Preceded by | Zixta Martinez (acting)[1] |
| Succeeded by | Russell Vought (acting) |
| Personal details | |
| Born | Scott Kenneth Homer Bessent (1962-08-21)August 21, 1962 (age 63) Conway, South Carolina, U.S. |
| Political party | Republican |
| Spouse | |
| Relations | John Jenrette (uncle) |
| Children | 2 |
| Education | Yale University (BA) |
Bessent's opening statement during his Senate confirmation hearing Recorded January 16, 2025 | |
Scott Kenneth Homer Bessent (/ˈbɛsənt/BESS-ənt; born August 21, 1962) is an American government official, real estate investor,[2][3] and formerhedge fund manager serving since 2025 as the 79thUnited States secretary of the treasury. He was formerly a partner atSoros Fund Management (SFM) and founded Key Square Group, aglobal macro investment firm.
Bessent graduated fromYale College in 1984. In 1991, he was hired bySoros Fund Management, eventually becoming the head of itsLondon office. While serving in that role in September 1992, he was a leading member of the group that profited by $1 billion onBlack Wednesday, the Britishpound 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 theDonald Trump 2024 presidential campaign.[4] 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 theUnited 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.
Bessent is the thirdopenly gay man to serve in theCabinet of the United States (afterRichard Grenell andPete Buttigieg).[5] As the U.S. secretary of the treasury is fifth in theUnited States presidential line of succession, he is thehighest-ranking openly LGBTQ person ever to serve in thefederal government of the United States.[6][7][8]
Bessent was born on August 21, 1962, inConway, South Carolina,[9] the oldest of three children of Barbara (née McLeod) and Homer Gaston Bessent Jr., a real estate agent.[10][11][12] His mother married five times and his father went bankrupt after bad real estate investments.[13] He is ofFrench Huguenot andScottish descent.[14] He has a younger sister, Paige; his other younger sister, Wyn, died in 2022 after an illness.[15] Some journalists have claimed thatJohn Jenrette, a member of theUnited States House of Representatives convicted of accepting a bribe in the FBI'sAbscam sting operation, was Bessent's uncle.[16]
Bessent had a summer job as a busboy at age 9.[13] In 1980, he graduated fromNorth Myrtle Beach High School inLittle River, South Carolina.[17][18] He considered attending theUnited States Naval Academy in Maryland but decided not to as he was unwilling to lie about his sexual orientation.[13]
In 1984, Bessent received aBachelor of Arts degree with a major in political science fromYale University.[11][19] He was on the board of theYale Daily News, acted as president ofWolf's Head Society, and was treasurer for the class of 1984.[20][21] He was chairman of the 1984 Yale Alumni Fund and an assistant to the director of athletics.[11][22]
Bessent secured an internship withJim Rogers after meeting him at a Yale Career Center event.[23] After graduation, Bessent worked atBrown Brothers Harriman and then forJim Chanos at Kynikos Associates. He joinedSoros Fund Management (SFM) in 1991, eventually becoming head of the London office. In 1992, Bessent was a leading member of the team whose bet on theBlack Wednesday collapse of the BritishPound sterling earned the firm over $1 billion.[10][24][25][26] Some sources, such asForbes, describe Bessent as having been a "protégé" ofGeorge Soros, SFM's founder.[27][28]
After resigning from SFM in 2000, Bessent founded a $1 billion hedge fund, Bessent Capital.[10][29] The fund closed in 2005. Bessent has said he learned that he should not change his style or the firm's approach because of investor preferences.[30] He was also a senior investment adviser to fund-of-fundsProtégé Partners.[31][24] Bessent returned to SFM as chief investment officer from 2011 to 2015.[25] His bet against theJapanese yen in 2013 yielded more than $1.2 billion in profit in three months.[32]
From 2006 to 2011, Bessent was an adjunct professor ofeconomic history at Yale, where he taught three courses.[30][24]
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.[26][33][34][35][36] Key Square usesgeopolitics and economics to make macro investments.[13][37] 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[37][38] 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.[39]
In 2018, as part of a prearranged deal, the firm returned Soros's investment as it took in other assets.[37] Its investors include Australia's sovereign wealth fund,Future Fund.[38]
Bessent announced that he would sever ties with the group after assuming the role of treasury secretary.[40]
In 2000, Bessent hosted a fundraiser forAl Gore at his home inEast Hampton, New York.[41] That year, he also donated $1,000 toJohn McCain.[13] In 2007, he donated $2,300 toBarack Obama and in 2013, he donated $25,000 toHillary Clinton's campaign. At that time, he was described as a Democrat who supported liberal causes.[42]
After Trump was elected president in 2016, Bessent donated $1 million to Trump's 2017presidential inaugural committee.[43] In 2023 and 2024, he donated more than $1 million to Trump's2024 presidential campaign.[44]
In February 2024, Bessent hosted a fundraiser inGreenville, South Carolina, that raised nearly $7 million for Trump's 2024 campaign.[45] In April 2024, he was a host of aPalm Beach, Florida, fundraiser that raised $50 million for Trump's campaign.[46] In July 2024, Bessent was a key economic adviser to Trump.[47]
On November 22, 2024,President-elect Donald Trump announced his intention to nominate Bessent to serve as theUnited States secretary of the treasury in hissecond administration.[48][49][50] On January 16, 2025, Bessent appeared before theUnited States Senate Committee on Finance. At his confirmation hearing, Bessent advocated for tax cut extensions and tougher economic policies on China and Russia.[51]
On January 21, 2025, the U.S. Senate Committee on Finance advanced Bessent's nomination to the Senatefloor by a 16–11 vote.[52] On January 27, the Senate voted 68–29 to confirm Bessent's nomination.[53] The same day, a man with multipleMolotov cocktails and a knife who intended to murder Bessent was arrested at theUnited States Capitol.[54]
On January 28, 2025, Bessent was sworn in as the 79th secretary of the treasury by U.S. Supreme Court justiceBrett Kavanaugh.[55] 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.[56]
On January 31, 2025, Bessent granted theDepartment of Government Efficiency team access to the Treasury Department's payment system.[57]
On February 3, 2025, Bessent was named the actingdirector of the Consumer Financial Protection Bureau; he immediately ordered the agency to halt all work.[58][59]
In February, Bessent and actingUnited States secretary of commerceJeremy Pelter were tasked with implementing a United Statessovereign wealth fund.[60]
In April 2025, Trump initially namedGary Shapley asCommissioner of Internal Revenue, but Shapley was soon replaced byMichael Faulkender, Bessent's preferred pick, after Bessent lobbied Trump. This led to a dispute between Bessent andElon Musk, reportedly causing a shouting match.[61]
On August 8,The New York Times reported that Trump was removingBilly Long as the commissioner of internal revenue in preparation for an ambassadorship nomination. Bessent was named as Long's acting successor.[62]
In August 2025, theOffice of Government Ethics notifiedSenate Committee on Finance chairMike Crapo that Bessent "has failed to timely comply with certain terms of the ethics agreement he signed".[63][64][65][66]
In September 2025, Bessent reportedly clashed withFederal Housing Finance Agency directorBill Pulte and threatened to punch him.[67]
On September 24, Bessent announced a planned $20 billion economic lifeline to Argentina, to purchase government bonds and helpstabilize the nation's economy.[68] The purchase was finalized on October 9.[69] On October 15, Bessent said he was negotiating deals for the private sector to give Argentina another $20 billion, adding that several banks andsovereign wealth funds had expressed interest.[70]
Also on October 15, Bessent said the U.S. would work to create astrategic mineral reserve, potentially withJPMorgan Chase. He added that the U.S. would setprice floors across multiple industries, and potentially take equity stakes in otherrare-earth companies in order to reduce reliance on China, as theU.S. Department of War did in July 2025 withMP Materials.[71]
On October 22, the U.S. imposedsanctions on Russian energy companiesRosneft andLukoil over continued fighting inUkraine. 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."[72]
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 weakenedmiddle class.[73] He proposed a three-point economic plan for Trump modeled onAbenomics (lower deficit, monetary easing, and fiscal stimulus).[74]
Bessent opposes raising the federalminimum wage in the United States, arguing that it is "more of a statewide and regional issue".[75] He supports loweringinterest rates,[76] continuingSocial Security,[77][78][79] reducing government intervention in the economy, easingSupplementary Leverage Ratio regulations on banks,[80] and expandingnuclear power.[81] He also supported theOne Big Beautiful Bill Act,[82] praising the creation ofTrump Accounts.[79]
Bessent supports astrong dollar policy,[83] differing from Trump and Vice PresidentJD Vance, who have spoken in favor of a weak dollar policy.[84] He has been labeled agold bug, calling gold a historical "store of value".[85] Bessent is pro-crypto and supports federal regulations onstablecoins.[86]
Following the plan to phase out thepenny due to its negativeseigniorage, Bessent expressed support for changing the composition of thenickel to cheaper materials to get production costs below 5 cents.[87]
Bessent opposes the creation of a U.S.central bank digital currency.[88] He supports the establishment of a U.S.sovereign wealth fund, and has proposed includinggovernment-sponsored enterprises in the fund.[89] Bessent supports raisingFDIC insurance limits on bank accounts; as of 2025 they are set at $250,000.[90]
Bessent proposed seeking an early confirmation of a replacement forChair of the Federal ReserveJerome Powell, whose term expires in May 2026, as a way to reduce Powell's influence,[91][92] prompting some criticism.[93] Bessent later "walked back" the idea.[94]
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In 2022, Bessent praised Trump and former Japanese prime ministerShinzo Abe for containingChina. He called China "ever more antagonistic".[95]
Bessent has supportedtariffs in the second Trump administration.[96] In a November 2024Fox 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".[97] 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."[98] In April 2025, after Trump announcedLiberation Day tariffs, Bessent warned countries against retaliating, promising escalation.[99][100] On April 9, Trump paused many of the tariffs; Bessent and Commerce SecretaryHoward Lutnick were credited with convincing Trump to do so.[101] Bessent has advocated pressuring U.S. trading partners to restrict their economic relationships with China.[102][103]
In August 2025, Bessent accusedIndia ofprofiting from reselling Russian oil during Russia'swar against Ukraine, saying: "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."[104]
In September 2025, Bessent voiced support for moresecondary sanctions onRussia 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."[105]
After an October 2025 meeting between two leaders at theAPEC 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.[106]
Bessent resides inCharleston, South Carolina, andWashington, D.C.[107][108] He belongs to theHuguenot Church,[109] a religious association whose expansion his ancestors supported in 1680.[14]
Bessent is openly gay and married John Freeman, a formerNew York City prosecutor, in 2011. They have two children, born throughsurrogacy.[110]
Bessent has had close friendships with KingCharles III andRobert Trump. Robert's ex-wife,Blaine Trump, is the godmother of Bessent's daughter.[111]
Before becoming treasury secretary, Bessent sat on the university council atYale University.[22] He and his sister donated the Bessent Library to Yale University.[citation needed] Bessent has endowed three scholarships at Yale: one for students who are first-generation college matriculants, one for students from South Carolina, and one for students from the Bronx.
Bessent chaired the investment committee and is a former member of the executive committee on the board of trustees ofRockefeller University.[112][113] He formerly served on the board ofGod's Love We Deliver, an organization founded to deliver meals for homebound people withAIDS.[22] He is a trustee of Classical American Homes Preservation Trust (renamed theRichard Hampton Jenrette Foundation),[114] and a former board member of theSpoleto Festival USA in Charleston.[112][115] Bessent is also a member of theCouncil on Foreign Relations.[22][112]
Bessent has participated inDialog, a secretive, invitation-only social club founded byPeter Thiel andAuren Hoffman.[116] He is also a member of theEconomic Club of New York.[117][118]
Bessent opened two foundations in 2022, and created the McLeod Rehabilitation Center at theShriners Hospital for Children inGreenville, South Carolina.[119] He also supports theKing's Trust in London and the Harlem Children's Zone in New York City.[120] He has supported restoration of theNathaniel Russell House, aNational Historic Landmark in Charleston.[121]
Bessent has bought and sold at least 20 homes, valued in total at over $127 million, many of which he renovated. On at least eight of them, he lost money.[122][123] In 2007, Bessent bought a house inBedford Hills, New York, for $11.3 million. He sold it in 2011 for $7.1 million, losing at least $4.2 million.[122] In 2007, Bessent purchased a unit atOne Sutton Place South inManhattan that formerly belonged to a sister ofJohn F. Kennedy for $12 million; he sold it, at a loss, for $9.5 million in 2009.[122] In September 2007, Bessent reportedly designated, through an attorney, the Bedford Hills property and a property inProvincetown, Massachusetts as hisprincipal residences simultaneously on mortgage documents withBank of America despiterider documents referencing the properties as secondary residences and his primary residence being in Manhattan at the time (of which Bank of America was aware).[124]
In 2010, Bessent bought a 9,719-square-foot house inMiami Beach for $9.5 million; he sold it for $14.5 million in 2014 after a renovation.[123] In 2010, he bought a 10,665-square-foot home inSouthampton, New York, for $9.95 million; he sold it for $19 million in 2019 after a renovation.[123] He took a loss on his unit at720 Park Avenue, buying it for $19.25 million in 2017 and selling it for $15 million in 2021.[123] In 2016, Bessent bought the 9,407-square-footJohn Ravenel House for $6.5 million.[125] His renovation received an award from thePreservation Society of Charleston in 2021.[126] He sold the property in March 2025 for $18.25 million plus $3 million for the furnishings and fixtures; it was the highest price ever for a house in Charleston.[127][128]
According to his financial assets disclosure by theU.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.[129] At that time, he owned more than $50 million in each of theSPDR S&P 500 ETF Trust, the InvescoS&P 500 Equal Weight ETF, and theInvesco QQQ, as well as real estate in the Bahamas worth $5 million to $25 million and a home inCashiers, North Carolina, worth $5 million to $25 million.[130] He owns farmland worth up to $25 million in North Dakota that provides him a rental income of up to $1 million per year.[131][132]
Media related toScott Bessent at Wikimedia Commons| Political offices | ||
|---|---|---|
| Preceded by | United States Secretary of the Treasury 2025–present | Incumbent |
| Government offices | ||
| Preceded by | Director of theConsumer Financial Protection Bureau Acting 2025 | Succeeded by |
| Preceded by | Commissioner of Internal Revenue Acting 2025–present | Incumbent |
| Order of precedence | ||
| Preceded byas Retired Associate Justice of the Supreme Court | Order of precedence of the United States as Secretary of the Treasury | Succeeded byasSecretary of Defense |
| U.S. presidential line of succession | ||
| Preceded byasSecretary of State | Fifth in line as Secretary of the Treasury | Succeeded byasSecretary of Defense |
Members of theCabinet of the United States | ||
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| Cabinet members |  | |
| Cabinet-level members | ||
Finance ministers of theG20 | |
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