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Scott Bessent

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Scott Bessent
Scott Bessent square.png
Basic facts
Education:Yale University
Prior Experience
Founder and CEO of Key Square Group


Scott Bessent is the secretary of the Treasury in President Donald Trump's (R) second presidential term. Trump announced Bessent's nomination on Nov. 22, 2024. Regarding his selection of Bessent as secretary of the Treasury Trump said "he will help me usher in a new Golden Age for the United States, as we fortify our position as the World's leading Economy, Center of Innovation and Entrepreneurialism, Destination for Capital, while always, and without question, maintaining the U.S. Dollar as the Reserve Currency of the World."[1] The Senate voted 68-29 to confirm Bessent on January 27, 2025.[2]

Bessent was born in Conway, South Carolina, in 1962.[3] He received a bachelor's degree in political science from Yale University in 1984.[4] Bessent said he began his undergraduate education intending to pursue a career in journalism.[5] After an unsuccessful run to be editor of the Yale Daily News, Bessent interned for investor Jim Rogers and decided to pursue a career in finance: "It's just like journalism—you gather a lot of information and make a decision, but instead of writing a story with an angle, you make an investment with an angle."[5]

Following his undergraduate education, Bessent worked for Brown Brothers Harriman, the Olayan Group, and Kynikos Associates.[3] In 1991, Bessent joined Soros Fund Management (SFM), where he eventually ran SFM's European fund before leaving the firm in 2000.[3] According to The Wall Street Journal's Gregory Zuckerman and Peter Rudegeair, Bessent was "one of the driving forces behind the firm's enormous bet that the British pound would collapse after he spotted marked weakness in the U.K. housing market. The wager netted [SFM] more than $1 billion in 1992."[6]

After leaving SFM, Bessent started his own hedge fund, Bessent Capital, before closing the firm in 2007.[3][4] Bessent said his experience with the firm taught him that he "shouldn't change my style or the construct of my firm because of investor preferences."[4] In 2007, he was appointed as director of research and strategy at Protégé Partners.[3] Bessent also taught economic history courses at Yale University from 2006 to 2011.[7]

In 2011, Bessent rejoined SFM as the firm's chief investment officer before leaving in 2015.[3] During that time, Bessent determined that the value of the yen would decrease due to changes in Japan's economic policies.[8] As a result, he betted against the yen, netting the firm about $1 billion.[8] In 2015, Bessent left SFM to form the KeySquare Group.[3]

Before his nomination, Bessent said his vision for the economy during Trump's second term would include "restarting the American growth engine, reducing inflationary pressures, and addressing the debt burden from four years of reckless spending."[9] Bessent also outlined a three-point economic plan.[10] The plan entails cutting the budget deficit to 3% by 2028, raising GDP growth to 3%, and encouraging U.S. energy producers to generate an additional three million barrels of oil each day.[10]

Biography

Bessent received a bachelor's degree from Yale University in 1984. After graduating, Bessent worked at Brown Brothers Harriman and Kynikos Associates.[11] In 1991, Bessent began working at Soros Fund Management (SFM), where he was the firm's head of European allocation before he resigned in 2000. Bessent then founded a hedge fund that later closed, then worked as a senior investment advisor at Protégé Partners and as an adjunct economic history professor at Yale.[12]

Bessent returned to SFM in 2011 and served as the firm's chief investment officer until 2015. In 2015, Bessent founded the hedge fund Key Square Management.[13]

Nomination for U.S. secretary of the tresaury

See also: Donald Trump presidential transition, 2024-2025 and Confirmation process for Scott Bessent for secretary of the Treasury
Donald Trump's Cabinet
(second term)
Candidate: Scott Bessent
Position: Secretary of the Treasury
ApprovedaAnnounced:November 22, 2024
ApprovedaHearing:January 16, 2025
ApprovedaCommittee:Finance
ApprovedaReported:Favorable (16-11)
ApprovedaConfirmed:January 27, 2025
ApprovedaVote:68-29

Donald Trump (R) announced on November 22, 2024, that he had selected Bessent as his nominee for secretary of the Treasury in his second presidential term. This appointment requires Senate confirmation. In a statement, Trump said, "Scott has long been a strong advocate of the America First Agenda. On the eve of our Great Country's 250th Anniversary, he will help me usher in a new Golden Age for the United States, as we fortify our position as the World's leading Economy, Center of Innovation and Entrepreneurialism, Destination for Capital, while always, and without question, maintaining the U.S. Dollar as the Reserve Currency of the World."[14]

The Senate Finance Committee held a confirmation hearing for Bessent on January 16, 2025.[15] The Senate confirmed Bessent on January 27, 2026, in a 68-29 vote.Click here to read more about the confirmation process.

Summary of Senate vote on Scott Bessent's nomination for secretary of the Treasury (January 27, 2025)
Party Votes for Votes against Not voting
Democratic Party Democrats 15 28 2
Republican Party Republicans 52 0 1
Grey.png Independents 1 1 0
Totals 68 29 3



Recent news

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Scott Bessent - Google News

See also

Footnotes

  1. ↑ TruthSocial, "Donald Trump on November 22, 2024," accessed January 5, 2025
  2. ↑ Congress.gov, "PN11-1 — Scott Bessent — Department of the Treasury," accessed January 27, 2025
  3. ↑ 3.0 3.1 3.2 3.3 3.4 3.5 3.6 Business Insider, "Meet The Hedge Fund Superstar George Soros Just Hired To Take Over His $25 Billion Fund," September 19, 2011
  4. ↑ 4.0 4.1 4.2 Yale Alumni Magazine, "Life and money management," September/October 2015
  5. ↑ 5.0 5.1 Buisness Insider, "George Soros' protégé just nailed one of the biggest hedge fund launches ever," January 5, 2016
  6. ↑ The Wall Street Journal, "The Ex-Soros Executive Who Is Trump’s New Obsession," October 10, 2024
  7. ↑ Fox News, "Scott Bessent," accessed January 5, 2025
  8. ↑ 8.0 8.1 The New York Times, "He Helped ‘Break’ the Bank of England. Now He May Run the U.S. Treasury.," November 26, 2024
  9. ↑ The Wall Street Journal, "Markets Hail Trump’s Economics," November 10, 2024
  10. ↑ 10.0 10.1 Fox Buisness, "Treasury secretary nominee Scott Bessent's '3-3-3' plan: What to know," November 25, 2024
  11. ↑ Yale Alumni Magazine, "Life and money management," accessed December 2, 2024
  12. ↑ Wall Street Journal, "Soros Puts New Man at Helm," September 20, 2011
  13. ↑ Forbes, "What To Know About Scott Bessent: Trump’s Pro-Tariff Treasury Pick," November 22, 2024
  14. ↑ Truth Social, "Donald Trump on November 22, 2024," accessed November 22, 2024
  15. ↑ Senate Finance Committee, "Hearing to Consider the Anticipated Nomination of Scott Bessent, of South Carolina, to be Secretary of the Treasury," January 10, 2025
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