About our Scott Bessent news
Latest news on Scott Bessent, Trump's Treasury Secretary nominee and former Soros fund manager, covering confirmation process, economic policies and Wall Street career
Scott Bessent, nominated by Donald Trump for US Treasury Secretary in November 2024, cleared a significant hurdle on 21 January 2025 when the Senate Finance Committee voted 16-11 to advance his nomination. If confirmed by the full Senate, Bessent would become the first openly gay Treasury Secretary and the highest-ranking LGBTQ official in US history.
The 62-year-old hedge fund manager and founder of Key Square Group recently defended his economic vision before the Senate, supporting Trump's proposed tariffs and tax cut extensions while advocating for tougher policies on China and Russia. His October 2024 proposal for a "shadow Fed chair" has drawn criticism from some lawmakers, including Senator Elizabeth Warren, who warned against interference with Federal Reserve independence.
Beyond his financial career, Bessent maintains strong ties to his hometown of Charleston, South Carolina, where he owns the historic "Pink Palace" on Battery Street. A member of the Huguenot Church his ancestors helped build in 1680, Bessent has established multiple educational foundations and supported various philanthropic causes, including the McLeod Rehabilitation Center at the Shriners Hospital for Children in Greenville.
Bessent's journey to the Treasury nomination began at Yale University, where he earned his political science degree in 1984. His subsequent career included notable successes at Soros Fund Management, where he played a key role in the profitable Black Wednesday trade against the British pound in 1992. After founding Key Square Group in 2015, he experienced both triumphs and challenges, with assets under management declining from $5.1 billion to $577 million by 2023.
As the Senate prepares for the final confirmation vote on Bessent's nomination, Â鶹´«Ã½ provides comprehensive coverage from reliable sources, tracking developments in his confirmation process, economic proposals, and potential impact on US financial policy. Stay informed about this pivotal appointment that could shape America's economic direction in the years ahead.