Scott Bessent, a billionaire hedge fund manager who has helped fundraise for Donald Trump, is the president-elect’s choice to lead the Department of Treasury.
Bessent has advised Trump on economic policy and has been a frequent presence at Trump’s Mar-a-Lago club over the last two weeks.
The announcement for the job, which needs Senate approval, was supposed to come earlier but had been stalled due to intense infighting among Trump’s top advisers — including transition co-chair Howard Lutnick — about who should get the job.
Republican presidential nominee former President Donald Trump, left, listens as investor Scott Bessent speaks on the economy in Asheville, N.C., Aug. 14, 2024.
Matt Kelley/AP
“Scott is widely respected as one of the World’s foremost International Investors and Geopolitical and Economic Strategists. Scott’s story is that of the American Dream,” Trump said in his announcement statement.
Bessent, 62, has been involved in financial firms for over 35 years.
Born and raised in Conway, South Carolina, Bessent graduated from Yale University in 1984.
After graduating from Yale in 1984, Bessent went to work for different investment companies.
He worked for Democratic megadonor George Soros from 1991 to 2000, where he was a managing partner. Later, he returned to Soros Fund Management (SFM) – the private investment firm that manages assets for the Open Society Foundations – as chief investment officer from 2011 to 2015.
Bessent has also been associated with Brown Brothers Harriman, The Olayan Group, Kynikos Associates and Protégé Partners.
Economists from both sides of the aisle believe Bessent is a middle-of-the-road pick.
Scott Bessent, founder and chief executive officer of Key Square Group LP, at an interview during the Republican National Convention (RNC) near the Fiserv Forum in Milwaukee, Wisconsin, July 16, 2024.
Vincent Alban/Bloomberg via Getty Images
Bessent made large donations supporting Trump and served as an economic adviser. He has also made several television appearances on behalf of the president-elect.
Bessent spoke at a conference run by the Manhattan Institute in June, where he laid out a three-point economic plan that he intended to propose to Trump.
“Well, I might even advise him to campaign on three arrows,” Bessent said. “It would be 3% real economic growth, and how do you get that? Through deregulation, more U.S. energy production, slaying inflation and forward guidance on competence for people to make investments — so that the private sector can take over from this bloated government spending.”
Bessent, who is gay, resides in New York City with his partner and two children.
As the highly anticipated treasury pick lingered, Elon Musk threw his support behind Howard Lutnick over Scott Bessent.
“Would be interesting to hear more people weigh in on this for @realDonaldTrump to consider feedback. My view [for what it’s worth] is that Bessent is a business-as-usual choice, whereas @howardlutnick will actually enact change,” Musk wrote on X. “Business-as-usual is driving America bankrupt, so we need change one way or another.”