Scott Bessent is an American investor and government official currently serving as the 79th United States Secretary of the Treasury under President Donald Trump. Born on August 21, 1962, in Conway, South Carolina, Bessent has had a distinguished career in both the financial sector and public service.
Career in Finance:
- Soros Fund Management: Bessent joined Soros Fund Management in 1991, where he played a pivotal role in the firm’s investment strategies during the 1990s.
- Key Square Group: In 2015, he co-founded Key Square Group, a global macro investment firm, alongside Michael Germino. The firm received a significant initial investment from George Soros and managed up to $5.1 billion in assets by 2017.
Political Involvement:
- Support for Political Campaigns: Bessent has contributed to various political campaigns over the years, including those of Al Gore, Barack Obama, Hillary Clinton, and Donald Trump. Notably, he donated $1 million to Trump’s 2016 inauguration committee and organized major fundraising events for Trump’s 2024 campaign.
- Economic Advisory Role: During Trump’s 2024 presidential campaign, Bessent served as a key economic advisor, advocating for targeted tariffs and tax cuts aimed at stimulating economic growth.
Tenure as Treasury Secretary:
- Appointment: Bessent was sworn in as Secretary of the Treasury on January 28, 2025.
- Economic Stance: Since assuming office, he has emphasized a focus on long-term economic growth, downplaying short-term market fluctuations. He has expressed concerns about potential government shutdowns and their impact on the economy, advocating for policies that promote private sector growth and investment.
Personal Life:
- Background: Bessent is openly gay and resides in Charleston, South Carolina, with his husband, John Freeman, a former New York prosecutor. They have two children. Bessent is also known for his philanthropic efforts, including contributions to organizations like God’s Love We Deliver and the Prince’s Trust.
As Treasury Secretary, Bessent continues to influence U.S. economic policy, drawing on his extensive experience in finance and his advisory role during Trump’s previous term.