Who Is Scott Bessent, The First 'Openly-Gay' US Treasury Secretary? Profile

Scott Bessent, 62, is a Key Square Group founder who recently spoke at a campaign event for Republican presidential nominee and former US President Donald. Trump nominated investor Bessent after going through various high-profile candidates pitted against each other as US Treasury Secretary with vast influence over economic, regulatory, and international affairs.

Scott will become the first Senate approved LGBTQ+ US treasury secretary.  He is married to John Freeman who is a former New York City prosecutor. "Scott is widely respected as one of the world's foremost international investors and geopolitical and economic strategists," said Trump as he announced the nomination in a statement released on Truth Social.

Bessent is the founder and manager of Key Square Group, a hedge fund based in Connecticut. The firm manages around $307 million in assets, focusing on macroeconomic strategies. His experience leading this fund has solidified his reputation in financial circles as a strong decision-maker with deep expertise in navigating global economic trends.

The selection of Bessent, who has worked in finance his whole career, provides Wall Street with a supporter of deregulation and tax reform. As per Reuters, some strategists said his nomination was a relief as he understands markets, and his appointment could reduce the chance of severe tariffs.

From Finance To Treasury:
South Carolina native Bessent has worked in finance his whole career, managing his own hedge fund and serving as a consultant to renowned short seller Jim Chanos and macro-investing millionaire George Soros.
He saw what he described as an oddity in the market: political and market analysts were unduly pessimistic about what a Trump victory would entail, and as a money manager, he placed a sizable wager on Trump prevailing.

The Quarterback of Economics:
In his capacity as Treasury secretary, Bessent will effectively be the top U.S. economic official, in charge of managing the $28.6 trillion Treasury debt market, collecting taxes, paying the nation's bills, and supervising financial regulation, which includes managing and averting market crises.

In addition, the Treasury chief oversees national security checks of foreign assets in the United States, controls U.S. financial sanctions policy, and has sway over the World Bank, the US-led International Monetary Fund, and other global financial organisations.