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President-elect Donald Trump named billionaire Scott Bessent as his pick to serve as the next secretary of the Department of the Treasury.
Scott Bessent, 62, advised Donald Trump on economic policy on the campaign trail and is the founder of hedge fund Key Square Capital Management. Before that, he was the chief investment officer at Soros Fund Management, a hedge fund started by Democratic megadonor George Soros.
Scott Bessent would be the first out gay Treasury secretary, as well as the first LGBTQ Senate-confirmed Cabinet member in a Republican administration.
Bessent, a Yale graduate, initially sought to become a journalist, but when he didn’t get the post as editor of the Yale Daily News, he changed direction. Bessent secured an internship with money manager Jim Rogers, George Soros’ first partner and co-founder of the Quantum Fund.
Scott Bessent is the CEO and Chief Investment Officer of New York-based hedge fund Key Square Capital Management, according to S&P Capital IQ.
As treasury secretary, Bessent will essentially be the highest-ranking US economic official, responsible for maintaining the balance of the world’s largest economy, from collecting taxes and paying the nation’s bills to managing the $28.6tn treasury debt market and overseeing financial regulation, including handling and preventing market crises.
“I was all in for President Donald Trump. I was one of the few Wall Street people backing him,” Scott Bessent told Trump ally Roger Stone over the weekend.
While appointing Scott Bessent, Donald 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,”
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